Ethereum Price Dips Below $2,000 Resistance Amid Tech Sell-Off

Ethereum's price has declined to around $1,880 after failing to break through the key resistance level of $2,000. This decline is largely attributed to a broader tech stock sell-off and rising risks from leveraged trading. The open interest in Ethereum has hit its highest since early June.

The continued inflows into Ethereum ETFs have not been enough to counteract the selling pressure in spot markets. In fact, despite $26.3 million inflows into U.S. spot ETH ETFs, market analysts still see a bearish short-term momentum for Ethereum. If the price were to break below $1,850, it could lead to further declines towards $1,730-$1,750.