Ethereum lost 4 percent of its value in the past 24 hours, falling to approximately $1,628. This decline coincided with a broader sell-off across the cryptocurrency market. The total market capitalization dropped by 3.46 percent to around $2.12 trillion.
Sell pressure spreads across crypto market
Bitcoin also came under pressure, slipping from $64,100 to about $61,049. Due to these sharp moves, over $1.1 billion worth of positions were liquidated in just one day. XRP’s dip below $1.15 underscored that the weakness was not limited to Ethereum and Bitcoin.
Market participants attributed the situation to a drop in risk appetite and the unwinding of highly leveraged trades. The broad-based selling suggested that volatility could remain elevated in the short term.
$1,700 emerges as key resistance
Market analyst Ted indicated that the $1,700 zone has become an important resistance for Ethereum. This region had previously marked a major bottom in February 2026, but now appears to have flipped into a level fiercely defended by sellers.
According to Ted, ETH is attempting to reclaim $1,700; as this area previously served as a base in February 2026, it now acts as resistance. If the price fails to break above, another retest of the lows could be on the horizon.
Ted’s technical outlook highlighted $1,540 as a possible downside target. Another analyst, Daan Crypto Trades, said that a reversal would require ETH to regain $1,750, at which point the $2,100 zone could come back into focus.
Liquidation data and ETF flows in focus
Market analyst CryptoReviewing emphasized a stark contrast in the 24-hour liquidation data. While long positions worth $331 million were liquidated, the figure for short positions reached $1.84 billion—a gap of 5.5 times. This points to the potential for violent price swings if market direction suddenly shifts.
Mini glossary: Liquidation occurs when an exchange automatically closes a leveraged position due to insufficient collateral. ETF stands for exchange-traded fund, which allows investors to gain exposure to price moves without direct ownership of the asset.
SoSoValue reported that on June 8, Bitcoin ETFs saw $91.37 million in net outflows, whereas Ethereum ETFs attracted $82.37 million in net inflows. This divergence showed that, despite weakness in the spot market, institutional interest in Ethereum remained resilient.
Key levels for support and resistance watched
On the four-hour chart, Ethereum was trading near $1,644 at press time. The Relative Strength Index was measured at 43.21, while the Chaikin Money Flow stood near 0.05. Both readings indicated weak momentum and limited buying appetite.
In the near term, the first resistance is seen at $1,700. If this is surpassed, $1,800 and then $2,000 may come into play. To the downside, $1,600 is the main support; falling below this level would likely put a retest of $1,500 on the table.
