Ethereum Surrenders $2,000 as Downside Pressure Builds… On-Chain Demand Around the $1,300s in Focus

As Ethereum (ETH) gave up the $2,000 level and talk of further declines emerged, an analysis suggested that on-chain data indicate buy demand forming in the $1,300 range.

According to Cointelegraph on the 11th (local time), Ethereum recently fell to around $1,730, and its cumulative decline in 2026 stands at about 31%. Cointelegraph said this price action shows a structure similar to the early correction phase seen in past bull cycles.

On a weekly chart basis, analysts say this drop resembles the “first bottom” formed in previous cycles. Cointelegraph explained, “In 2021 as well, Ethereum saw additional declines and a prolonged consolidation phase after forming an initial bottom,” adding that “this move also appears too early to confirm a short-term bottom.”

On-chain data point to lower demand zones. According to Ethereum’s realized price distribution (URPD), a relatively large amount of supply is distributed between $1,300 and $2,000. By contrast, on the upside of the spot price, supply is concentrated around $2,822 and $3,119, cited as strong resistance levels.

Cointelegraph noted, “Below the spot price, meaningful supply clusters have formed around $1,881 and $1,237,” adding that “$1,237 is a price zone that served as a key support level in past cycles.”

In the derivatives market as well, indicators supporting downside pressure were observed. Based on the liquidation heatmap, it was estimated that between $1,700 and $1,455 there remains long-position liquidation risk totaling roughly $4 billion to $6 billion. Meanwhile, around $3,000, more than $12 billion in short-position liquidity has reportedly built up.

Exchange fund flows also confirmed an increase in withdrawals. CryptoQuant said, “Ethereum’s net outflows from exchanges reached the highest level since October 2025.” According to CryptoQuant data, net outflows exceeded 220,000 coins, and Binance recorded net outflows of about 158,000 Ethereum in a single day.

Cointelegraph drew attention to the fact that these flows appeared when Ethereum was trading between $1,800 and $2,000. The outlet said, “There may have been reallocations of holdings or position adjustments for risk-management purposes in that range.”