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Key Takeaways
- Ethereum declined 4% over 24 hours, reaching approximately $1,628
- The $1,700 level has transitioned from support to resistance following February 2026 lows
- Cryptocurrency markets experienced $1.1 billion in liquidations within a single trading day
- Bitcoin ETFs recorded $91.37M in outflows while Ethereum ETFs attracted $82.37M in inflows
- Breaking below $1,600 support may open the path toward $1,500
Ethereum’s price has settled near $1,628 following a 4% decline over the past 24 hours. This downturn coincided with a broader cryptocurrency market correction of 3.46%, which pushed the total market capitalization down to $2.12 trillion.
Ethereum (ETH) PriceBitcoin experienced similar selling pressure, retreating from $64,100 to approximately $61,049. The sharp market movement resulted in more than $1.1 billion worth of liquidations throughout the cryptocurrency ecosystem in just one day.
Market analyst Ted (@TedPillows) highlighted that the $1,700 price zone is currently functioning as a significant resistance level for ETH. This area previously served as a bottom during February 2026, but market dynamics have since reversed, with sellers now actively defending this threshold.
In a post on X, Ted cautioned: “$ETH is trying to reclaim the $1,700 level. This is the zone where Ethereum bottomed in Feb 2026 and is now acting as resistance. If ETH fails to reclaim this, a sweep of lows could happen next.” His technical analysis identified $1,540 as a possible downside objective.
The selling wave extended across multiple cryptocurrencies. XRP fell beneath $1.15, demonstrating that the bearish pressure wasn’t confined to ETH or BTC alone. Market participants attributed the weakness to deteriorating risk appetite and the unwinding of heavily leveraged trading positions.
Massive Liquidation Imbalance Signals Potential Volatility Ahead
CryptoReviewing, a market analyst, drew attention to a notable disparity in the 24-hour liquidation chart: $331 million in liquidated long positions compared to $1.84 billion in liquidated short positions. This 5.5x difference suggests the potential for volatile price swings should market conditions reverse suddenly.
According to SoSoValue data, Bitcoin ETFs experienced net outflows totaling $91.37 million on June 8. In contrast, Ethereum ETFs attracted $82.37 million in net inflows during the same period, as reported by Wu Blockchain on X.
On the 4-hour timeframe, Ethereum was changing hands at $1,644 at press time. The Relative Strength Index registered approximately 43.21, indicating subdued momentum. Meanwhile, the Chaikin Money Flow indicator hovered near 0.05, suggesting marginal buying activity without substantial conviction.
Critical Price Thresholds for Ethereum Traders
The immediate resistance target stands at $1,700. A decisive breakout beyond this level would pave the way toward $1,800, which market observers believe would enhance overall market sentiment.
Source: TradingViewShould ETH successfully surpass $1,800, the next major resistance zone emerges at $2,000.
Regarding downside risks, $1,600 represents the crucial support level requiring close monitoring. A breakdown below this threshold would likely trigger a retest of $1,500.
As of this report, ETH was maintaining its position marginally above $1,600, though momentum indicators continue to display bearish characteristics.
The post Ethereum (ETH) Price Alert: Critical Support Zone at Risk as Analyst Eyes $1,500 Retest appeared first on Blockonomi.
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