Ethereum stayed under pressure on June 12, trading around $1,652.70. According to crypto.news market data, ETH slipped 0.4% over the past 24 hours, with daily trading volume at roughly $12.28 billion and market capitalization near $199.23 billion. During that period, the token moved between $1,632.77 and $1,687.85, while its seven-day decline reached 4.91%.
The market is focused on support. After losing ground near $2,000, ETH recently dropped back toward the $1,500 area, and the daily chart still reflects a broader downtrend. Since the prior cycle highs near $4,500 to $5,000, Ethereum has continued to print lower highs, with recent price action consolidating near the lower end of its range.
Geopolitical tension and Fed concerns keep risk assets under strain
Part of the latest weakness came from a broader macro shift. The report said U.S. military action against Iran pushed traders away from risk assets, increasing demand for the U.S. dollar and other defensive positions while crypto markets faced liquidation pressure. Rising energy prices added another layer of stress because they may keep inflation elevated.
That matters for Ethereum. Sticky inflation lowers the odds of easier Federal Reserve policy, and a hawkish Fed has typically been a headwind for crypto because higher rates make speculative assets less attractive compared with safer yield-bearing alternatives. The June selloff across digital assets was described as the result of several pressures hitting at once: a hawkish Fed, U.S.-Iran tension, ETF outflows, and a broader leverage unwind.
Spot Ethereum ETFs post a third straight day of withdrawals
Flow data remains a problem for bulls. SoSoValue data showed spot Ethereum ETFs recorded $15.89 million in net outflows on June 11, extending the withdrawal streak to three consecutive sessions. ETF flows matter because these products can add spot demand; when net flows turn negative, that source of support weakens and can leave prices more exposed during unstable markets.
The report also noted that spot Ethereum ETFs saw $540 million in outflows during May, followed by another $168 million in early June. That pullback removed a key pillar of demand just as ETH broke below several important price levels. Not every product was negative on the day, as BlackRock’s ETHA still posted inflows on June 11, but aggregate flows for the full ETF group remained in the red.
Analysts disagree on whether ETH is cheap or still vulnerable
Analyst views are split. Ali Martinez argued that Ethereum has entered a long-term accumulation zone, pointing to the token’s move below the 0.8 MVRV pricing band, an area he said has often marked undervalued conditions. Ali Charts said, “Ethereum below the 0.8 MVRV Pricing Band is a high-probability long-term accumulation zone.” He also highlighted Ethereum’s Delta Price near $700, a metric that compares investor cost basis with miner production cost and has historically appeared near deep cycle lows.
That does not remove the short-term downside risk. Daan Crypto Trades said he is still waiting for ETH to reclaim its range low before turning constructive again. In his words: “Still watching for that range low retake before getting excited again.” His view keeps attention on the $1,750 to $1,800 area, which would need to be recovered to improve the structure.
$1,650 is the near-term line, with $1,500 still exposed
Technically, Ethereum is trying to hold the $1,650 area. If sellers push through that level, the next support zone sits near $1,550 to $1,500. A deeper break below $1,500 could shift focus to $1,400. The report added that some analysts have warned failure there may increase the risk of a move toward $1,000 to $1,100.
On the upside, ETH first needs to reclaim $1,750 to $1,800. A stronger recovery would require a move back above $2,000, the level where the latest breakdown accelerated. The BBP indicator remained negative near -149.38, showing sellers still controlled the daily chart, though the red bars had narrowed compared with the sharp bearish spike earlier in June. RSI stood near 30.50, with its signal line around 25.10, leaving ETH close to oversold territory. A relief bounce is possible if support holds, but momentum remains weak unless RSI climbs back above 40 and then toward 50.