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▲ Ethereum (ETH), Bear Market, Decline / ChatGPT Generated Image
While Ethereum (ETH) has fallen by over 32% this year, testing the psychological support level of $2,000, Bitcoin (BTC) has maintained a relatively strong trend, clearly showing a divergence in market fund preferences.
According to the cryptocurrency media outlet NewsBitcoin on May 31 (local time), Ethereum has fallen by approximately 32.4% since the beginning of 2026, marking one of its weakest first-half performances in recent years. With macroeconomic pressures, outflows from Ethereum spot ETFs, and a weakening ETH/BTC ratio coinciding, Ethereum is testing critical support levels around $2,000 to $2,020.
According to Coinglass monthly return data, Ethereum fell by 17.52% in January and 19.81% in February, then rebounded by 6.97% in March and 7.3% in April. However, in May, it fell again by 11.01%, increasing its year-to-date cumulative loss rate to approximately 32.4%. During the same period, Bitcoin's decline rate was presented as approximately 15% to 16.5%, highlighting Ethereum's greater weakness. The ETH/BTC ratio also dropped to approximately 0.027, remaining at a multi-year low.
Compared to major cryptocurrencies, Ethereum ranked among the lower performers. Tron (TRX) rose by approximately 21% to 23% this year, and BNB relatively held its ground, falling only by approximately 14% to 16%. Dogecoin (DOGE) fell by approximately 14%, and Solana (SOL) dropped by 33% to 39%, similar to Ethereum. XRP and Cardano (ADA) each fell by approximately 27% to 29%.
Outflows from Ethereum spot ETFs also increased price pressure. NewsBitcoin reported that steady net outflows have occurred from Ethereum spot ETF products in recent weeks, with approximately 9,000 ETH alone flowing out on May 29. The outflow volume over several days amounted to hundreds of millions of dollars, sharply contrasting with previous net inflow periods and intensifying selling pressure near the $2,000 support level.
However, on-chain metrics showed a different trend from the price decline. Approximately 33% of the total Ethereum supply is staked, reducing the immediate sellable supply, and the total value locked (TVL) in Ethereum's decentralized finance (DeFi) ecosystem is approximately $42 billion, maintaining its lead among smart contract platforms. The market size of Ethereum-based stablecoins also reached approximately $161 billion, and a decrease in exchange holdings along with accumulation by whale wallets at current price levels were observed.
From a technical perspective, the $1,975 to $2,000 range has been presented as a decisive battleground. If this support level breaks, it could fall to $1,750 or lower, and some traders view $1,400 as a potential cycle low. Conversely, if the $2,000 defense holds and macroeconomic stability aligns, Ethereum could attempt a rebound to $2,200 to $2,500. The Glamsterdam upgrade is scheduled to take place between the first half and third quarter of 2026, and is expected to expand the gas limit by up to 3.3 times and improve network efficiency.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. This content should be interpreted for informational purposes only.*
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