Ethereum continues to face selling pressure, trading at roughly $1,672 as of press time, down 1.16% in 24 hours and 6.48% over the past week. Daily volume stands near $9.23 billion as the asset moved between $1,642 and $1,692. The price has slipped below the $1,750 area, a key zone traders have watched since the February low.
Analysts target $1,580 and $1,800
Trader Daan Crypto Trades noted that Ethereum has repeatedly rejected above $1,750 and needs to form a higher low around this region before another breakout attempt. Ali Charts pointed out that ETH has fallen below its 200-hour simple moving average (SMA), a signal often associated with short-term weakness. Crypto analyst Ali Martinez said, "As long as this level remains lost, I believe $1,580 remains the next key target." Analyst BATMAN also flagged a potential head-and-shoulders pattern forming on ETH, with a break below the neckline confirming a bearish reversal. Michaël van de Poppe stated ETH must break above $1,800 to regain upward momentum, or risk retests near $1,505 and $1,385.
ETF outflows and geopolitical risk weigh on ETH
According to SoSoValue data, spot Ethereum ETFs recorded $82.351 million in net outflows yesterday, marking the fourth consecutive day of net withdrawals. The exodus adds pressure at a time when ETH struggles to hold above short-term resistance. Meanwhile, geopolitical tensions persist. The Kobeissi Letter reported that President Donald Trump criticized a Senate War Powers Act vote related to Iran as "poorly timed and meaningless." Such risks often drive traders toward safer assets, reducing appetite for volatile plays like crypto. ETH briefly reclaimed resistance near $1,733 earlier this week after bouncing from $1,704, but that recovery quickly fizzled.
Indicators show weak recovery
The MACD histogram sits positive at around 13.58, with the MACD line at -64.53 above the signal line at -78.11 — suggesting short-term bullish momentum after the recent selloff. However, both MACD lines remain below zero, indicating the broader trend has not turned bullish. The RSI hovers near 37.81, slightly below its moving average of 38.56, and stays under the 50 neutral mark, showing weak buying strength. ETH has moved out of oversold territory but still lacks momentum. For a stronger recovery signal, RSI needs to climb above 50 and MACD must continue trending toward the zero line. For now, the indicators point more to stabilization than a clear reversal.
Binance data hints at caution
CryptoQuant analyst Amr Taha reported that Ethereum reserves on Binance climbed to 3.86 million ETH on June 23, the highest since May 12, representing an increase of roughly 230,000 ETH (6.3%) from June 9. Bitcoin reserves on Binance fell by about 9,200 BTC over the same period. Stablecoin balances shifted as well: USDT reserves rose to ~$39.7 billion, while USDC dropped to ~$5.7 billion. USDT dominance traded near 8.75%, approaching the 9% level last seen during the FTX collapse in November 2022 — a metric traders often watch as a sign of risk aversion. Separately, Arab Chain data showed Ethereum futures open interest on Binance fell to about $4.16 billion, its lowest in over three months. Lower open interest suggests traders are closing positions or reducing leverage after recent volatility, reducing the risk of large liquidations but also signaling weaker speculative demand. Ethereum now needs to reclaim $1,750 and then break $1,800 to build a stronger bullish case.