Crypto: Market Are Ethereum Bears Targeting Sub-$2k ETH Price? 2026

Despite Ether’s latest recovery to $3,000, data suggests that ETH price may see a deeper correction to $1,850 if key support levels don’t hold.

Ether (ETH) has made modest gains over the last 24 hours, briefly reclaiming the $3,000 psychological level. However, decreased ETH demand, evidenced by heavy outflows from spot Ethereum exchange-traded funds (ETFs), and a weakening technical structure could see Ether drop to levels below $2,000 over the coming weeks.

Decreasing Ethereum demand and negative spot Ether ETF flows signal aggressive distribution.

Ether’s bear flag pattern targets $1,850 ETH price if key support is lost.

One Ethereum demand metric has dropped sharply since mid-December to levels last seen in March 2025.

Capriole Investment’s Ethereum Apparent Demand for Ether dropped significantly to -3,562 ETH on Jan. 16 from over 92,000 ETH on Dec. 13. This metric had improved slightly to 665 ETH at the time of writing on Thursday.

Related: ETH funding rate turns negative, but will Ether bulls take the bait?

Decreasing ETH demand amid price drawdown signals aggressive distribution as the price tests key support levels, particularly the $3,000 psychological level this week.

Note that the last time demand was this low was in March 2025, when the price was hovering around $2,200. This was followed by a 25% ETH price drop to $1,750 a few days later.

As Cointelegraph reported, Ether’s key support remains the $2,800-$3,000 demand zone. This is where investors acquired about 9 million ETH over the last six months, creating a potential support zone, according to Ether’s cost basis distribution data.

Source: CoinTelegraph