Ethereum Nears $2,000 as Heavy Buying Fails to Stop Major Decline

• Ethereum dropped nearly 15% despite aggressive buying across futures markets.
• Spot trading volume declined sharply while sellers absorbed incoming Ethereum demand.
• Traders closely monitor Ethereum’s critical $2,000 support amid persistent market weakness.

Ethereum continued trading under heavy pressure this week despite strong buying activity across both spot and futures markets, as new market data revealed that sellers maintained firm control over short-term price action while bullish traders struggled to reverse the ongoing decline. Recent data shared by CryptoQuant showed that Ethereum traded near $2,375 on May 11 before sliding to almost $2,031 by May 23, representing a decline of nearly 14.5% within less than two weeks as bearish momentum continued building around the broader market.

Moreover, futures traders kept increasing their exposure to Ethereum throughout the correction period, with open interest climbing from approximately $15.43 billion to nearly $15.54 billion, although the additional participation failed to generate enough momentum for a meaningful price recovery. Additionally, Ethereum’s funding rates remained positive during the entire decline, while Futures Cumulative Volume Delta continued showing long positioning dominance, indicating that many traders still expected prices to rebound despite the persistent weakness surrounding the asset.

Meanwhile, spot market participation weakened significantly during the recent downturn as trading volume dropped from nearly 470,770 ETH to around 256,963 ETH within roughly 12 days, highlighting slower activity across the spot market even while traders continued opening long futures positions.

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Ethereum Faces Persistent Selling Pressure Across Major Exchanges

According to CryptoQuant, Ethereum’s latest decline was not caused by weak buying demand because traders continued entering positions aggressively across multiple trading platforms, yet large sell orders and available supply consistently absorbed incoming purchases throughout the correction. Consequently, Ethereum struggled to regain upward momentum even as bullish traders defended their positions aggressively, while repeated selling pressure continued pushing prices closer toward the critical $2,000 support level that many traders now monitor closely.

Besides that, Ethereum failed to follow stabilization attempts seen across several major digital assets during recent trading sessions, reinforcing concerns that sellers currently maintain stronger influence over Ethereum’s short-term market structure.

Furthermore, the report stated that aggressive buying activity across both spot and futures markets still failed to reverse Ethereum’s broader downward trajectory, reflecting the growing imbalance between bullish sentiment and actual price performance. In conclusion, Ethereum’s recent market behavior highlighted a widening gap between trader positioning and price direction, as sustained selling pressure continued overpowering strong buying activity across the market.

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