Ethereum has dropped below $2,150, losing about $300 over the past few weeks as fresh on-chain data reveals that a wave of ETH deposits hit Binance just before the decline. The exchange recorded continuous positive netflow readings for the asset during the first half of May, meaning large amounts were moved onto the platform — supply that arrived ahead of the selling and now sits as an overhang on the market.
What the Binance data shows
Binance's ETH netflows turned decisively positive in early May. The deposits accumulated before the price started sliding from near $2,400 to around $2,100. That pattern — supply arriving first, then a selloff — suggests holders were positioning to exit or hedge. The inflow pressure has cooled in the most recent sessions, but the bulk of that ETH remains on the exchange. Without genuine accumulation from buyers to absorb it, the market can't easily stage a sustainable recovery.
The $2,000 line in the sand
Right now Ethereum is trading near $2,110 on the weekly chart. It's failed repeatedly to hold momentum above the $2,300-$2,450 resistance zone — a level that once looked like a launching pad but has turned into a ceiling. Volume during the latest leg down is elevated relative to recent weeks, which points to ongoing supply pressure rather than a mere shakeout.
The $2,000-$2,100 zone is the decisive support to watch. If it breaks, the next major demand area sits in the $1,700-$1,800 range. That's a gap of roughly $300, and there isn't much in between to slow a drop.
A prolonged correction
This isn't a short-term blip. Ethereum has been in a corrective structure since rejecting the $4,000-$4,500 range back in late 2025. The weekly chart shows it's now trading below the 200-period moving average — a technical level that often separates bull trends from bear trends. The price hasn't been able to reclaim that line, and the failed rally attempts above $2,300 keep reinforcing the bearish posture.
For now, the market needs to see real buying activity — not just a pause in selling — to soak up the supply that landed on Binance. Until that happens, the risk of another leg lower stays on the table.
