Ethereum traded at $1,777.96 on June 4 after falling 5.07% over 24 hours, extending its seven-day loss to 10.21%. The move pushed ETH below $1,825, a level closely watched as channel support, and put the asset back near its weakest zone since April 2025. According to crypto.news price data, the day’s range stretched from $1,734.05 to $1,886.55, showing buyers did step in at lower levels, but selling pressure still dominated.
$1,825 Break Shifts Attention to Lower Support
Analyst Ali Martinez had identified $1,825 as a key floor at the bottom of Ethereum’s trading channel. He said holding that level could open the way for a rebound toward $2,070 or even $2,360. A daily close below it, in his view, would weaken support and increase the odds of a drop toward $1,500. With ETH already trading under that line, the market is now testing whether the next layer of support can hold.
Ethereum’s market capitalization stood near $215.14 billion, while 24-hour trading volume reached $25.76 billion. The token also remains down 64.05% from its all-time high of $4,946.05, set on Aug. 24, 2025.
Oversold Readings Are Extreme, but Trend Signals Stay Bearish
Momentum indicators still favor sellers. The Supertrend indicator shows an active red line near $2,022.09, and ETH remains below it. That keeps the broader daily trend under bearish control. For the chart to improve, Ethereum would need to reclaim the $2,000 to $2,022 area and hold there.
The RSI is down at 18.61, placing ETH deep in oversold territory. That is a very low reading. It does not confirm a rebound on its own. The RSI moving average sits at 31.13, still above the current RSI, which shows downside momentum weakened quickly and buyers have yet to regain control.
MACD readings also remain negative. The MACD line is near -2,917.77, below the signal line around -1,584.86, while the histogram stands near -1,332.92. Until the MACD line starts flattening and moving back toward the signal line, the market is still dealing with weak momentum rather than a confirmed reversal.
On-Chain Data Points to Tighter Liquid Supply
Price action looks soft, but on-chain metrics tell a different story. Leon Waidmann said ETH held on exchanges has fallen to roughly 15.1 million, a multi-year low. At the same time, Ethereum’s staking rate reached a fresh record of 32.42%. More coins locked in staking can reduce liquid supply available for trading.
Ali Martinez also reported that Ethereum processed $9.92 billion in transaction volume on June 2, the biggest one-day network activity spike in two months. That leaves traders with a split picture: the chart is weak, yet exchange balances, staking participation, and on-chain transfers suggest users are still holding, staking, and moving ETH.
The report added that more than 36 million ETH had already been staked earlier this year, with institutional treasury strategies also expanding into Ethereum yield exposure. Short-term selling pressure remains in place, but network usage and holder behavior have not matched the weakness seen on the chart.
Treasury Losses Add Pressure as $1,700 and $1,500 Come Into View
The decline has also brought attention back to losses tied to Ethereum treasury strategies. Lookonchain said Nasdaq-listed FG Nexus bought 50,770 ETH for about $196 million between August and September 2025, paying an average of roughly $3,860. The company began selling in November and has now sold 36,025 ETH at an average price near $2,330, recovering about $83.92 million.
According to on-chain reports, cumulative losses on FG Nexus’s Ethereum treasury strategy have topped $85 million. SharpLink had also reported $506.7 million in unrealized ETH losses and a $191.7 million impairment charge tied to LsETH in the first quarter.
The first downside zone now sits around $1,700 to $1,717. If that area breaks cleanly, the next major level in focus becomes $1,500. A deeper historical support zone remains near $1,400, where ETH found a low in April 2025. On the upside, Ethereum would first need to recover $1,825, then move back above $2,000 and the Supertrend level near $2,022 before traders start reassessing $2,070 and $2,360.