ETH trades near $1,814 on Wednesday amid weakening US spot demand
Ethereum fell to its lowest price in 14 weeks on Wednesday, trading as low as $1,814 on Bitstamp as persistent ETF outflows and deteriorating spot demand pressure the $1,800 support level.
The decline marks a sharp reversal from higher levels. Ether has lost support at both $2,000 and $2,200, with all major moving averages now concentrated within that zone on the daily chart. The daily Relative Strength Index fell to 25 on Wednesday, matching its lowest level since February 6.
Ted Pillows, an analyst tracking the move, warned that the current price action leaves little room for error. “ETH almost tapped the $1,800 level today. This is the last support zone for Ethereum before new lows,” Pillows said.
A break below $1,800 would expose areas between $1,700 and potentially deeper losses in the $1,200 to $1,600 range. The Entity-Adjusted UTXO Realized Price Distribution metric shows Ethereum trading above a relatively open zone between $1,800 and $1,250 with weak demand. Downside may be capped at $1,200, where investors previously acquired more than 1.4 million ETH.
Coinbase Premium index signals US demand collapse
The Coinbase Premium Index, a key gauge of US spot demand, dropped to -0.16 on May 28, its lowest level since February. The metric recovered slightly to -0.13 but remains deeply negative.
Thomas The Trader, a crypto investor and trader, underscored the significance of this shift. “Coinbase Premium has fallen into a notable discount, signaling potential weakness in spot demand,” The Trader said.
Inoms, another analyst monitoring the metric, noted the historical parallel. “ETH Coinbase Premium just reached its lowest point since February. The message is clear: US demand is still weak,” Inoms said.
Historically, extreme negative Coinbase premiums have coincided with capitulation phases. In April 2025, similar conditions preceded sharp declines. During the 2022 bear market, extreme negative premiums also marked major selloff periods.
ETF outflows extend to 16 consecutive days
US spot Ethereum ETFs have posted outflows for 16 consecutive days, the longest losing streak since March 2025. Over this period, $847.2 million has been withdrawn from US spot Ethereum ETFs. Global Ethereum investment products saw $257.3 million in outflows over the past week alone.
BitFrog, an analyst assessing the technical picture, expressed concern about the support level holding. “ETH is on life support at current levels. Bulls better wake up fast. $1,800 looks shaky, honestly,” BitFrog said.
The selling pressure contrasts with some technical analysts who point to oversold RSI conditions as a potential setup for a rebound. In February, similar oversold conditions preceded a 39% rally from the $1,750 multi-year low.
Ether’s cost-basis distribution heatmap shows weak accumulation between $1,200 and $1,800, suggesting limited buyer interest at intermediate levels. If the $1,800 support breaks decisively, the next meaningful floor sits near $1,700.
What happens next
The convergence of technical weakness, ETF outflows, and negative spot premiums creates a precarious setup for Ethereum. Traders are watching whether $1,800 can hold as a floor or whether the weakness extends into deeper support zones below $1,700.
