MarketPR
Ether ($ETH) is clinging to the $1,600 support level — the lowest floor of 2026 — after spot ETH ETFs posted 17 consecutive days of net outflows totaling $401 million, funding rates flipped negative, and open interest collapsed, pointing to a forced position flush rather than a demand-led sell-off.
The token changed hands near $1,635, down sharply from May's $2,400 range, with every major moving average stacked in a sell configuration and the Fear and Greed Index sitting at 9 — deep in extreme fear.
What Actually Moved: ETF Redemptions and a Dead Funding Market The mechanism behind the slide is cleaner than most bear narratives allow.
Spot ETF outflows of $401 million over 17 sessions pulled institutional bid from under the market at the same time funded long positions were being liquidated — reflected in negative funding rates and shrinking open interest.
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