The price of Ethereum has dropped to $2,000 and has experienced a 24-hour pulldown of 11.49%. It has a market cap of $251 billion and has declined by 15% in the past week. The recent pullback is seen as a setback to the overnight recovery and raises concerns about Ethereum retesting the $1,500 mark. The bearish trend is reflected in the declining price and the negative crossover between the 100-day and 200-day EMA lines. Institutional support for Ethereum has also decreased, with eight consecutive days of outflows from Ethereum ETFs. BlackRock sold $16.06 million worth of Ethereum, while Bitwise saw an inflow of $3.96 million. The open interest of Ethereum has declined by 8.25% and the long-to-short ratio indicates bearish positions. Liquidations in the past 24 hours amounted to $190 million, with long liquidations reaching $157.95 million. The funding rate of Ethereum is currently at 0.0020%, indicating that bulls are paying bears to hold long positions. The declining trend is expected to continue with a potential turnaround or consolidation near the $1,800-$1,900 zone. A recovery within the falling channel could challenge the 20-day EMA at $2,487.



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