Ethereum Bears Maintain Control as Price Stalls Near $1,700

Ethereum is consolidating near $1,682 after repeated rejections at $1,800-$2,000 resistance through mid-June. The token broke below key ascending trendlines and the 200-hour SMA, with bears now eyeing $1,580 support. Weak U.S. institutional demand, shown by the Coinbase Premium Index at a yearly low, has kept downside risks dominant despite whale accumulation, record developer activity, and historically oversold RSI readings that sparked short-lived rebounds. Spot ETF outflows reached nearly $885 million while futures open interest dropped 25%, leaving sentiment cautious.