Ethereum price has slid about 10% over the past week as on-chain demand collapsed and liquidations spiked.
The chain is clear. Spot ETFs have bled for 17 straight sessions, the most loyal holders pulled back hard, and stretched funding then set off forced selling.
Ethereum Spot ETF Outflows Set the Stage
The selling started with the institutions. Ethereum spot ETF demand has vanished, with the funds now bleeding for 17 straight sessions.
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The last day of net inflows was May 8. Every trading day since has been an outflow, and the latest reading showed about $52.94 million leaving the funds.
That run has cut total ETF net assets to roughly $9.96 billion. A streak this long is the clearest sign yet of institutional apathy toward ETH. When the steadiest buyers disappear for weeks, other holders take notice. The most loyal on-chain cohort cracked next.
Long-Term Holders Slash Their Buying
The most patient holders followed the institutions out. Glassnode’s hodler net position change tracks the monthly change in supply held by coins older than 155 days. It had been climbing into June.
It peaked at 339,222 ETH on June 1, the start of the new month. By June 3, it had collapsed to 68,470 ETH as they possibly felt that the ETF demand was returning.
That is a drop of about 80% in two days. Even the most loyal holders sharply slowed their buying, pulling a key source of demand out of the market.
With both institutions and hodlers stepping back, the door opened for leverage to do damage.
Funding Rates Spike and Liquidations Pile Up
Thin spot demand left the market leaning on leverage. CryptoQuant flagged that Ethereum funding rates on Binance hit their highest level since early 2026.
Funding rate is the periodic payment between traders holding long and short perpetual futures. A high positive rate means longs are crowded and paying to keep their bets open. CryptoQuant warned the setup raised the risk of long liquidations as Bitcoin slid. That risk played out fast.
Over the past 24 hours, about $368.63 million in Ethereum long positions were liquidated, or force closed. That was part of a $1.61 billion wipeout across crypto.
With demand gone and forced selling underway, the price chart shows where the damage landed.
Ethereum Price Levels to Watch After the Breakdown
The Ethereum price chart explains the cascade. Ethereum price broke down on June 2, slicing below the neckline of an inverted cup and handle.
An inverted cup and handle is a bearish reversal pattern, a rounded top followed by a small handle. It projects a downside target once the neckline breaks. The measured drop is about 21%.
That bearish target sits near $1,550. ETH now trades near $1,795 after the breakdown, with a long lower wick showing some buyers returned.
The setup stays bearish on the breakdown path. A fall of about 5% under $1,714 would open the way toward $1,550.
To turn the tide, ETH must reclaim $1,893 and then $2,004. A move back above $2,004 would erase most of the recent losses.
Still, sell volume remains steady, so the weakness likely holds until buyers reclaim $1,893. For now, $1,714 separates a slide toward $1,550 from a recovery attempt back toward the $2,000 zone.
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