Ethereum has confirmed a weekly death cross as its 50-week EMA crossed below the 200-week EMA, reviving fears of a deeper correction. Whale selling and eight straight sessions of ETF outflows have fueled speculation that ETH could revisit levels below $1,000 if broader conditions fail to improve.
Ethereum confirmed a rare weekly death cross, a pattern historically tied to prolonged downtrends. Analysts now watch support near $1,150 while a severe scenario could carry ETH toward $750, as the second-largest cryptocurrency already trades below key moving averages, institutions keep pulling money from spot exchange-traded funds, and large holders cut their exposure.
A weekly death cross revives correction fears
The bearish signal emerged after Ethereum's 50-week exponential moving average crossed below its 200-week EMA, completing the pattern. It typically reflects a shift from long-term bullish momentum toward sustained weakness rather than an immediate sell signal.
Ethereum has seen only a handful of weekly death crosses. The most notable came in early 2020, shortly before the COVID-19 crash drove ETH down by more than 60%. ETH now trades below both its 50-week and 200-week moving averages, reinforcing the bearish structure.
Momentum indicators, including the RSI and Stochastic RSI, suggest oversold conditions, but they have yet to produce the bullish divergence traders look for before calling a bottom. Several analysts also point to a confirmed bear flag on higher timeframes, whose measured move projects an initial downside target near $1,150.
Whale selling and ETF outflows pressure ETH
Technical weakness has been reinforced by deteriorating on-chain and institutional flows. According to blockchain analyst Ali Charts, Ethereum whales sold approximately 550,000 ETH over the past week, roughly $880 million worth of tokens entering the market.
Glassnode's URPD data suggests Ethereum is approaching a support cluster around $1,580, and should that fail, historical buying interest thins until roughly $1,240 and then near $1,090. Meanwhile, US spot Ethereum ETFs have recorded eight consecutive sessions of net outflows, with investors withdrawing roughly $345 million over that stretch.
Could Ethereum fall below $1,000?
Sub-$1,000 Ethereum remains a bearish scenario rather than the base case, yet current conditions suggest it cannot be ruled out. Reaching that level would likely require several negative catalysts to align, including continued ETF redemptions, further whale distribution and broader crypto weakness, particularly in Bitcoin.
There are also signs institutional accumulation is slowing. Ethereum treasury company BitMine Immersion, chaired by Fundstrat's Tom Lee, purchased 27,084 ETH last week, lifting its holdings to approximately 5.7 million ETH — one of the firm's smallest weekly purchases this year. For bulls, the immediate objective remains reclaiming resistance around $1,600-$1,675 while ETF flows stabilize and demand returns.
Source: CCN.com
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