Ethereum Outlook Turns Bearish Amid ETF Outflows and Global Uncertainty

Ethereum faces pressure along with the broader crypto market. Its price has dropped about 4% in the past 24 hours, pushing the weekly loss to around 6% and turning the monthly trend negative. This decline coincides with rising tensions in the Middle East, where the US and Israel have conducted strikes on Iran, adding to market uncertainty.

Iran’s Islamic Revolutionary Guards Corps has advised workers in critical industries in Israel and Gulf countries to evacuate, hinting at possible retaliation. This has fueled risk-off sentiment across global markets, including cryptocurrencies.

Institutional demand for Ethereum remains weak. US spot ETH ETFs have seen outflows for seven straight days, totaling roughly $392 million. Retail interest in the US is also cooling off, as indicated by the Coinbase Premium Index moving deeper into negative territory, reflecting weaker buying compared to global markets.

One notable exception is BitMine Immersion, which seems to be accumulating ETH. Wallets linked to the company reportedly purchased over 117,000 ETH recently, although this isn't officially confirmed. The firm has previously disclosed holdings above 4.6 million ETH and recently introduced a staking infrastructure service.

Meanwhile, whale wallets continue to add to their positions, even as retail activity slows. In derivatives, open interest has increased to 14.72 million ETH, but funding rates stay negative, showing that shorts still dominate.

Technically, ETH is trading near 1,983, just above key support between 1,930 and 1,950. The overall structure remains bearish, with lower highs and lower lows since being rejected around 3,300.

Earlier this month, the price broke down from a rising wedge, signaling a likely continuation of the downturn. The current bounce seems weak and corrective. ETH remains below both its 20-day and 200-day EMAs, with the 200-day EMA trending down, reinforcing bearish momentum.

Immediate resistance lies between 2,030 and 2,080. Beyond that, reclaiming 2,175 is crucial to shift the momentum upward. Without surpassing that level, upside potential looks limited.

On the downside, price is compressing near support. Falling below 1,930 could lead to a test of 1,800, with further declines possible down to the 1,700–1,650 range. Trendline support has been tested multiple times and appears weak, raising the chance of a breakdown.

Momentum indicators don’t show strength. The MACD is flattening near zero after a weak crossover, and buying pressure seems to be fading.

In summary, the trend still leans bearish. Current price movement appears to be consolidation before another drop. Unless ETH can break and hold above 2,175, further downside seems more likely.

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