Nansen flags structural headwinds for Ethereum as ETH slips below $2,000

Ethereum briefly traded below $2,000 on Thursday for the first time since late March, wiping out its Q2 gains and leaving it about 19% below its April peak near $2.5K. Nansen argues the slide is not only macro-driven, pointing to softer on-chain demand, persistent Spot ETH ETF outflows since 11 May, and a weaker ETH/BTC ratio at 0.027. Analysts also outlined a downside scenario toward $1.8K if outflows and muted activity persist, even as wallets holding over 100K ETH control 22% of supply (17.4 million ETH).