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<a href="https://jpykr.com/eth-usd/">Ethereum</a> price slips as outflows hit 2024 low: What next?

Ethereum’s price fell below $2,000 as activity on the blockchain slowed down and its short-term technical signals remained negative.

Summary

  • Ethereum exchange withdrawals fell to 16.05 million ETH, their lowest level since June 2024.
  • Failed transactions and exchange inflows have increased slightly as ETH trades below $2,000 support.
  • RSI near 29.69 places Ethereum close to oversold levels, but sellers still control momentum.

This change happened as the amount of cryptocurrency being withdrawn from exchanges fell to its lowest point since June 2024. At the same time, there were more failed transactions and increased activity sending cryptocurrency *to* exchanges, both of which suggest problems with the network and the market.

Ethereum withdrawals fall to June 2024 low

Recent data indicates that Ethereum withdrawals from exchanges have decreased to around 16.05 million ETH. According to Arab Chain, this is the lowest amount seen since June 2024.

When fewer people withdraw ETH from exchanges, it can suggest they’re holding onto it rather than selling. This often means the rate at which people are buying and holding ETH for the long term is slowing down, particularly if the price isn’t changing much.

Binance saw the largest number of Ethereum withdrawals, totaling around 7 million ETH. OKX came in second with approximately 1.43 million ETH withdrawn, and Coinbase Prime was third with about 1.12 million ETH. Other platforms like Kraken, Bitget, and HTX Global had fewer withdrawals.

While this decrease isn’t necessarily a sign of a downward trend, it suggests that trading outside of traditional exchanges is decreasing just as Ethereum attempts to maintain its crucial support levels.

Failed transactions and inflows add pressure

Recent data from nino indicates a possible increase in failed transactions on the Ethereum network, along with a small rise in the amount of cryptocurrency being sent to exchanges.

The analyst noted that the number of failed transactions seems to be increasing and suggested that problems with the network combined with limited funds available on the exchange might signal a negative trend.

More failed transactions often point to issues with network congestion, mistakes made by users, or increased activity with smart contracts. While it doesn’t automatically mean fewer people are interested, it can make investors less confident, especially if prices are also dropping.

Increased deposits of ETH onto exchanges can signal potential market risks. When more ETH enters exchanges, traders often get ready to sell, protect their investments, or adjust their strategies. While this doesn’t guarantee a sell-off, it does suggest caution, especially if the market is already struggling.

Ethereum price breaks below $2,000

Ethereum’s price was around $1,986 after dropping below $2,000. This decline put it below a significant price point that traders commonly monitor when the market experiences dips.

As crypto.news reported earlier, the crypto market continued to struggle on May 28th, following drops in Bitcoin and Ethereum prices that broke through important support levels. This led to the forced closure of over $900 million worth of leveraged crypto trades.

Ethereum’s price decreased along with the rest of the cryptocurrency market. Bitcoin dipped below $73,000, and other major cryptocurrencies also lost value as investors became more cautious and sold off riskier investments.

According to Santiment, when Ethereum’s price fell below $2,000, many individual investors started expressing interest in buying the dip. However, the firm cautioned that a surge in optimism right after a significant price drop could indicate further price declines are still possible before the market stabilizes.

Ethereum’s market value has dropped below $2,000, a level it hasn’t seen since March 29th. When this happens, traders usually react in one of two ways: some become fearful and sell, believing the token is underperforming, while others see it as a potential buying opportunity.

— Santiment Intelligence (@SantimentData) May 28, 2026

ETH technical analysis shows bearish bias

As an analyst, I’m observing that Ethereum is still trading below its 20-day moving average, around $2,169. This suggests continued short-term bearishness, as the price hasn’t been able to move back into the typical trading range.

Ether is currently trading near $1,957, close to a key support level indicated by the lower Bollinger Band. If the price falls below this level, it suggests a likely further decrease and could lead to even lower prices.

After the recent price drop, the Bollinger Bands are getting closer together. Currently, the upper band is around $2,380 and the lower band is near $1,957. If the price goes above $2,169, that would be the first indication that the price might start to recover in the short term.

In my analysis, the Relative Strength Index (RSI) currently sits at 29.69, which is below its average of around 36.02. This indicates that the price isn’t really gaining momentum, and sellers are currently dominating. However, this low RSI reading also suggests that Ether is nearing oversold conditions, which historically means we might see a temporary price increase if buyers step back in.

Currently, Ethereum’s price is trending downwards in the short term. It’s important for the price to stay above $1,950–$1,970. If it falls below that level, prices could continue to drop. However, if the price rises above $2,169, it could relieve some of the selling pressure and start a recovery.

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2026-05-28 12:10