Ethereum’s ‘deeper problem’ – It’s not just macro risk weighing ETH down

On Thursday, Ethereum’s price briefly dropped below $2000 for the first time since late March. In doing so, the king altcoin effectively erased all its Q2 gains. At the time of writing, it was down 19% from its April peak of nearly $2.5K. This week alone, the altcoin has shed 6% of its value. Should it lose the Q2 support zone of $2K, short sellers could push it lower to $1.8K—the range low of the 2026 sideways structure. The pullback mirrored a broader macro-driven correction that also dragged Bitcoin lower. However, according to Nansen, ETH’s weakness showed a “deeper problem.”

Ethereum’s ‘deeper problem’ – It’s not just macro risk weighing ETH down. On Thursday, Ethereum’s price briefly dropped below $2000 for the first time since late March. In doing so, the king altcoin effectively erased all its Q2 gains. At the time of writing, it was down 19% from its April peak of nearly $2.5K. This week alone, the altcoin has shed 6% of its value. Should it lose the Q2 support zone of $2K, short sellers could push it lower to $1.8K—the range low of the 2026 sideways structure. The pullback mirrored a broader macro-driven correction that also dragged Bitcoin lower. However, according to Nansen, ETH’s weakness showed a “deeper problem.” Source: ETH/USDT, TradingView Negative ETH catalysts: ETF outflows, low network activity In an email statement, Nansen Research analyst Nicolai Sondergaard told AMBCrypto, Gas fees are sitt...