The price of Ether (ETH) falling below $2,000 on Friday puts it at risk of a deeper correction in the coming weeks or months.

Key takeaways:

• The ether price is showing structural weakness as it is not holding above the $2,000 psychological support.

• Analysts say the ETH price may fall further towards the support zone at $1,750-$1,850.

• Ether demand remains negative, increasing its downside potential.

Ether market traders expect a deeper correction

Data from TradingView showed ETH/USD trading at $1,975, down 5% in the last 24 hours. There was this decline accompanied by over $111 million in long ETH liquidations.

Related: Bitmine launches an institutional Ethereum staking platform

The pair failed to break through the $2,200 resistance earlier in the week as Ether spot ETF outflows, falling DEX volumes and falling ETH futures premium stalled Ether’s recovery.

“$ETH continues to face the same resistance, but the whole story is behind the price action” – trader Onur he said on Friday in post X, adding:

“Even with strong long-term narratives, short-term demand still appears weak.”

Fellow CryptoWZRD analyst he said ETH could see a “further decline” towards the $1,800 support zone after the altcoin closed below $2,200 on Thursday.

“$ETH Dipped Below $2,100,” Analyst and Trader Ted Pillows he said in X’s Friday post, adding:

“This is a sign of weakness and shows what will happen next for ETH.”

The accompanying chart suggested that the price may first fall towards the $1,800 support level and then rebound.

As Cointelegraph reports, a close below the $2,000 50-day elementary moving average could push the ETH/USD pair to $1,900 and then to the $1,850-$1,750 level.

Apparent demand for ether is at a 16-month low

Apparent demand for Ether turned negative after falling to its lowest level since October 2024 as investors adopted a risk-off stance due to geopolitical uncertainty and macroeconomic headwinds.

Capriole Investment’s Ethereum Apparent Demand indicator shows that ETH demand has been negative since March 3, reaching a low of around -58,000 ETH on March 16, marking a 16-month low. The indicator has since improved to -23,475 ETH at the time of writing.

Meanwhile, spot ETH ETFs have seen seven consecutive days of net outflows totaling $391.8 million.

Global Ether exchange-traded products (ETPs) also saw an outflow of $27.2 million last week, reinforcing reduced appetite for ETH among institutional investors.