Ethereum has slid to the $1,800 level, making the market watch whether it can defend the key support zone a new variable.

Cointelegraph reported on June 3 that Ethereum fell as low as $1,814 during the day, marking its lowest level in 14 weeks.

The market is focusing on the possibility of a break below $1,800 rather than a simple short-term correction. Ethereum has already lost support at $2,000 and $2,200 in succession, and major moving averages on the daily chart are clustered in that zone. With the technical structure weakening, the daily relative strength index (RSI) fell to 25. That is the lowest level since Feb. 6, meaning downside pressure and an oversold signal appeared at the same time.

Still, entering oversold territory does not immediately mean a further sharp drop. In February, Ethereum rebounded 39 percent after a similar pattern. The market is watching whether holding the $1,800 level this time can become a foothold for a short-term rebound.

Traders are focusing on defending $1,800. Analyst Ted Pillows said on X, formerly Twitter, that if the $1,800 level breaks, a zone below $1,700 could open up. CryptoMillions also assessed that losing $1,800 could push it further toward $1,600.

Some also doubt that the $1,800 level will hold. Glassnode's entity-adjusted UTXO realized price distribution (URPD) indicator shows Ethereum is trading above a relatively weak-demand zone between $1,800 and $1,250. That means it could be pushed deeper into that zone if selling continues. On the downside, around $1,200, where about 1.4 million ETH have been accumulated, was presented as a key support level.

A slowdown in spot demand from the United States is cited as a factor adding to short-term downside pressure. Ethereum's Coinbase Premium Index fell to minus 0.16 on May 28, then partly recovered to minus 0.13. A large negative reading for the indicator, which tracks the price gap between Coinbase and Binance, means selling pressure from U.S. investors is strong. Thomas The Trader said the Coinbase Premium had moved into a notable discount zone, sending a signal of weak spot demand. Enoms also pointed out that the ETH Coinbase Premium had reached its lowest level since February.

Institutional flows are also not supportive. U.S. spot Ethereum exchange-traded funds (ETFs) saw outflows for 16 consecutive trading sessions. That was the longest stretch of outflows since March 2025, and about $847.2 million left during the period, according to SosoValue. More than $257.3 million also flowed out of global Ethereum investment products last week.

These trends show both U.S. investors and institutional funds are moving conservatively. As a result, in the near term, whether Ethereum holds $1,800, whether the Coinbase Premium recovers, and whether ETF outflows ease remain key variables that will determine the next direction for its price.

Coinbase Premium has fallen into a notable discount, signaling potential weakness in spot demand. pic.twitter.com/l9cgO4aGjW