Ethereums deeper problem - Its not just macro risk weighing ETH down
Negative ETH catalysts: ETF outflows, low network activityWhat could trigger ETHs rebound? on Source: Santiment However, the whale demand, likely driven by major players like Bitmine, was not enough to taper off the on-chain capital outflows. Notably, ETHs capital outflow has deepened since last October, as tracked by the Realized Cap. In fact, in 2026, the altcoin has seen $15B in capital outflows as Realized Cap dropped from $310B to $295B. It meant that the aggregate demand for ETH was still negative. This further reinforced Nansens Sondergaard outlook. Source: GlassnodeWill the ETH price retest $1.8K? If the weak demand and outflows extend, then ETHs price may fall to $1.8K. Interestingly, the MVRV Pricing Bands also implied such a projection. After early 2026 price rejection at Realized Price (1.0 RP, green) at $2.3K, ETH could likely retest the next support band at $1.8K (blue). In fact, during the 2022 crypto winter, ETH only marked a true bottom after decisively climbing above the lower bands of the metric. Source: Glassnode Overall, the ETH price could slip lower to $1.8K in the medium term if the weak institutional demand and muted network activity continue in June.