Ether cannot consolidate above $2.4K due to outflows from spot ETFs, declining volumes on DEX, and falling futures premiums. However, if the situation changes, it could trigger a rise to this level.
Key points:
Ether is struggling to hold the $2.4K mark. Weak volumes on DEX and declining interest in decentralized applications are putting pressure.
Outflows from institutional investors and a weak premium on futures do not add positivity either. Currently, demand is clearly insufficient for confident growth.
ETH experienced a correction of about 6% between Wednesday and Thursday. The price tested the level of around $2,050 again.
Overall, the market is behaving cautiously right now. Uncertainty surrounding the conflict between the USA, Israel, and Iran is weighing down.
Against this backdrop, ETH is lagging behind the overall cryptocurrency market. Therefore, investors are increasingly wondering what exactly could push the price above $2,400.
ETH/USD (orange) against the total market capitalization of the crypto market (blue). Source: TradingView
Since the beginning of 2026, ETH has decreased by about 31%. Multiple factors are weighing down.
Activity in decentralized applications has decreased. Plus, the market itself has become more cautious, without a clear desire to take risks.
Part of the pressure is also related to the situation in the USA. There are almost no regulatory shifts, although there were earlier expectations that under the Trump administration, the policy would become more crypto-friendly. So far, these hopes have not materialized.
ETH remains under pressure due to outflows from ETFs and declining on-chain activity.
In the USA, new restrictions for stablecoins are being discussed. The Senate is considering a ban on earning interest on stablecoins held on exchanges. Coinbase is actively opposing this.
Banking organizations support the initiative. They believe that the GENIUS Act already prohibits issuers from paying income directly to holders. The use of exchanges in this scheme is simply referred to as circumventing the rules.
Additional pressure is also created by the FATF report. The organization calls on countries to tighten control, as stablecoins are increasingly used in payments and international transfers through non-custodial wallets.
According to FATF, direct transfers between users complicate tracking suspicious transactions.
In addition to regulatory factors, there are market signals. Several indicators suggest that in the short term, ETH has little chance of strong growth.
Flows into spot ETFs on Ether in the USA. Source: SoSoValue
Since March 18, approximately $298 million has been withdrawn from spot ETFs on Ether in the USA. The outflow has continued for six trading days in a row.
Such flows do not always accurately reflect demand from institutions, especially after the emergence of ETFs with built-in staking.
But overall, investor sentiment is unchanged. Even a yield of about 2.8% from staking does not make ETH more attractive to the market.
Weekly trading volumes on DEX in the Ethereum network. Source: DefiLlama
The decrease in activity on decentralized exchanges in Ethereum is a worrying signal. Demand for the token is weakening.
Currently, the average weekly volume is around $9.4 billion. This is about 50% lower than in the last three months of 2025.
If the situation does not change, ETH will struggle to hold above $2,400.
The ETH futures premium for 2 months. Source: Laevitas.ch
On Thursday, ETH futures traded with a premium of about 2% to the spot market. This indicates weak demand for a leveraged rise.
In a normal situation, this indicator hovers around 4% to 8%. This compensates for the longer settlement times on contracts.
As long as the premium remains low, bears feel confident.
Macroeconomic factors are putting pressure on the market as a whole. This includes the conflict between the USA, Israel, and Iran. Over the past months, this has significantly affected the stock market.
Because of this, ETH cannot stabilize above $2,400.
But one external background is not enough. For sustainable growth, activity on DEX needs to return and there must be stronger demand from institutions.
There is also a positive factor. Large companies like BitMine, SharpLink, and The Ether Machine continue to accumulate ETH. This may play a role when the market turns.
For now, the price remains under pressure.
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