Ethereum slumped by 4 percent in the past 24 hours, retreating to around $1,628. This pullback came amid a broader sell-off across the cryptocurrency market, with total market capitalization shrinking by 3.46 percent to $2.12 trillion.
Market-wide selling intensifies
Bitcoin also faced heavy pressure, dropping from $64,100 down to approximately $61,049. The turbulence triggered rapid liquidations, wiping out over $1.1 billion in positions in a single day. With XRP sinking below $1.15, the weakness was clearly not limited to just Ethereum and Bitcoin.
Market watchers attributed the steep declines to weakening risk appetite and the unwinding of highly leveraged trades. The broad-based nature of the sell-off suggests short-term volatility could remain elevated for some time.
$1,700 emerges as resistance
Market analyst Ted highlighted that the $1,700 region has now become a significant resistance level for Ethereum. This area, once the floor for ETH in February 2026, is now acting as a hurdle that sellers are defending.
According to Ted, Ethereum is making another attempt to reclaim $1,700, but this former support now serves as resistance. If ETH fails to break through, he notes, the price could retest previous lows.
Ted identified $1,540 as a possible downward target based on technical analysis. Meanwhile, fellow analyst Daan Crypto Trades emphasized that a sustainable bullish outlook would require ETH to recover the $1,750 zone, which could open the path back to $2,100.
Liquidations and ETF flows under scrutiny
CryptoReviewing pointed to striking differences in the 24-hour liquidation data. The numbers show that $1.84 billion in short positions were liquidated compared to just $331 million in longs—a 5.5-fold disparity, underscoring the potential for violent price swings if market direction suddenly reverses.
Glossary: A liquidation occurs when an exchange automatically closes a leveraged trade due to insufficient collateral. An ETF (exchange-traded fund) is a fund traded on an exchange that gives investors exposure to price moves without directly owning the asset.
According to SoSoValue, June 8 saw net outflows of $91.37 million from Bitcoin ETFs, while Ethereum ETFs attracted $82.37 million in net inflows. Despite general market softness, this divergence suggests that institutional interest in Ethereum has not fully disappeared.
Key support and resistance levels watched
On a four-hour chart, Ethereum was trading near $1,644 at the time of reporting. The Relative Strength Index (RSI) stood at 43.21, while Chaikin Money Flow hovered at 0.05, pointing to limited buying interest and weak momentum.
In the short term, the first resistance for ETH is at $1,700. Should it break through this area, $1,800 and then $2,000 could come into play. On the downside, $1,600 is a main support—if breached, a drop toward $1,500 could become increasingly likely.
