Ethereum is trading around $2,023 after a largely flat 24 hours, but the lull masks a bearish setup that has seen the token lose nearly 15% over the past three weeks. Spot Ethereum ETFs recorded net outflows of more than $241 million in the past week alone, marking the third consecutive week of significant withdrawals. The price action is trapped inside a descending channel on the 4-hour chart, and analysts warn that a failure to clear the $2,033 resistance could send ETH sliding into the $1,822–$1,850 range.
Descending channel tightens on 4-hour chart
On shorter timeframes, Ethereum has been printing lower highs and lower lows since mid-May. The descending channel pattern is a textbook bearish formation, and the token is currently testing the upper boundary near $2,033. A rejection at that level would likely accelerate selling pressure, with the next major support zone sitting between $1,822 and $1,850 — levels that haven't been touched since February 2026. Traders are watching the $2,033 mark closely; a daily close above it would invalidate the pattern.
ETFs bleed $241M in third week
The persistent outflow streak is the longest since the spot Ethereum ETFs launched. Over the past three weeks, investors have pulled roughly $600 million from the products, a signal that institutional appetite has cooled sharply. The latest $241 million exit came despite a relatively quiet week for broader macro news, suggesting the selling is more structural than event-driven. Whether the outflows are a precursor to deeper price declines or simply profit-taking after a strong first quarter remains the open question.
Kesmeci sets $2,400 target above $2,033
Analyst Burak Kesmeci said in a note that if ETH manages to break and hold above $2,033, the next leg up could carry it to $2,400. That target would represent a roughly 19% gain from current levels and would recoup most of the past three weeks' losses. The catch is that the ETF outflow trend needs to reverse for that rally to sustain. So far, there's no sign of that happening: the weekly flow data has been red since mid-May.
The immediate test for Ethereum is whether it can close the week above $2,033. If it can't, the $1,822–$1,850 zone will likely come into play. The next set of ETF flow data is due Monday.
