Ethereum has lost the $2,150 level as selling pressure reasserts itself, and the market faces a wave of uncertainty that has erased weeks of cautious recovery. The decline has a specific origin that CryptoQuant data has now made visible – and understanding it changes how the current weakness should be interpreted and what it would take to reverse it.
Exchange Netflow data for Binance tells the story of what built throughout the first half of May before the price dropped. Over the course of multiple sessions, Binance continuously recorded positive net flow readings – large amounts of ETH being deposited onto the exchange in a sustained, repeated pattern rather than a single isolated event. Each positive reading represents more parts moving from cold storage or external wallets to where they can be sold most immediately and efficiently.
The supply accumulated on Binance during these sessions has not disappeared. He waited. FX deposits represent potential selling pressure rather than a confirmed sale: coins positioned at the easiest exit point, ready to enter the market when the holder decides the time is right, or when a stop-loss level triggers the decision for them.
What the CryptoQuant data suggests is that the supply came before the sell-off – and Ethereum losing $2,150 could be the market finally starting to process the inventory that had built up on Binance during the first two weeks of May.
The offer arrived, the price followed: the market now needs time
CryptoQuant analysis directly relates the inflow pattern to the price response that followed it. The sequence is not ambiguous. Large ETH deposits accumulated on Binance throughout the first half of May. The price, which was holding near $2,400, reacted negatively in the period immediately following these entries, falling by around $300 to reach the current level around $2,100.
The supply arriving on the exchange did not find sufficient demand to absorb it without a price concession, and the market adjusted downward until sellers and buyers reached a temporary equilibrium.
The constructive element identified by the analysis concerns the most recent sessions. ETH deposit pressure on Binance has eased over the past few days – the sustained trend of significant positive net flows that characterized the first half of May has not continued at the same pace. The immediate supply that caused the decline appears to have eased.
But easing the situation does not mean solving the problem. The analysis is accurate on what cooling deposit pressure actually means for future prospects. The supply that arrived during the surge period does not disappear simply because new deposits have slowed. It remains on the exchange, available for sale, and the market requires real accumulation activity – buyers willing to absorb these stocks at current levels – before Ethereum can find the new equilibrium point from which a sustainable recovery becomes possible.
The current $2,100 level is where the market is testing if this accumulation is present. Deposit data indicates that selling pressure has eased. The price will confirm whether the request has arrived to meet it.
Ethereum struggles below major weekly resistance as long-term trend weakens
Ethereum is trading near $2,110 on the weekly chart after failing to maintain momentum above the critical $2,300-$2,450 region, an area that now serves as the market’s main resistance area. This structure reflects a market that remains stuck between hopes of long-term recovery and persistent pressure on distribution from large players.
The chart shows that Ethereum lost its bullish momentum after strongly rejecting the $4,000-$4,500 range in late 2025. Since then, Ethereum has entered a prolonged corrective structure characterized by lower highs and repeated failures to reclaim major moving averages. The recent rebound from the March lows briefly improved sentiment, but the recovery stalled once the price approached the 50 and 100 weekly moving averages, near the $2,400-$3,000 region.
Importantly, Ethereum is now trading below the 200 weekly moving average again, a sign that the broader market structure has significantly weakened compared to previous recovery phases. Volume during the latest decline also remained elevated compared to recent weeks, suggesting that supply pressure is still active rather than completely exhausted.
The $2,000-$2,100 zone now becomes a decisive support region for the bulls. Losing this level could expose Ethereum to a further move towards the broader demand zone between $1,700 and $1,800, where buyers aggressively defended the price earlier this year following the capitulation event.
Featured image from ChatGPT, chart from TradingView.com
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