ETH buying pressure absent despite 55% correction, says analyst

Although Ethereum (ETH) has dropped 55% from its peak, the buying pressure needed to absorb the sell-off has vanished, according to an analysis by on-chain firm EasyOnChain cited by CryptoPotato. The firm expressed particular concern not just about the price decline itself, but about the widening gap between the derivatives market and spot demand. EasyOnChain suggested that ETH appears to have already entered a mid-to-long-term bear market, adding that reduced institutional participation, as seen in ETF flows, is a clear warning sign. The analysis also highlighted that the Coinbase Premium has been negative throughout May, which suggests that U.S. institutional investors are leaving the market.