Ethereum has fallen 12% over the past week to near $1,626 as crypto liquidations reached $468 million and Bitcoin dropped below $62,000, contributing to a 3.5% decline in total crypto market value to around $2.12 trillion. According to crypto.news data, Ethereum changed hands near $1,628 on June 10, with the move coinciding with Bitcoin's 4.7% decline to roughly $61,050. XRP also slipped below $1.15, showing that the selloff extended beyond Bitcoin and Ethereum. Market participants linked the decline to weak risk appetite, security-related concerns, and a wave of leveraged liquidations. During the selloff, Bitcoin fell from roughly $64,100 to as low as $61,049, with analysts monitoring whether the largest cryptocurrency can maintain support above $60,000.
Ethereum social sentiment has collapsed into an extreme fear zone as price continues to slip, down 12% over the past week. According to Santiment data, the positive-to-negative commentary ratio reached 1.09 on June 9, marking one of the lowest levels this year. The firm noted that this zone has historically acted as a buy signal, as prices frequently move opposite to the crowd's expectations. The contrast with April is stark - on April 22, the crowd flashed extreme greed with Ethereum above $2,400, which Santiment flagged as an ideal sell point. Traders have largely written off Ethereum after months of underperformance against Bitcoin (BTC) and other large-cap assets, with bearish posts now dominating social media. Santiment reported that historically, Ethereum has tended to rebound when social sentiment reaches extreme FUD levels.
Analyst Ash Crypto compared the current breakdown to June 2022, when ETH collapsed before staging a reversal. After peaking at $4,953 in August 2025, ETH has fallen sharply and broken below its weekly 200-day moving average at $2,471. The price has broken below its weekly 200-day moving average at $2,471, leaving $1,500 as the next support to watch. Ash Crypto argued that the current drop mirrors June 2022, sharing the same timing, breakdown, and chart structure. In 2018, after ETH slipped into oversold territory, prices dropped 63% from $205 to $75, while in 2022, ETH dropped 65% from $2,200 to $750. If ETH holds $1,500, this could play out exactly like June 2022, with people who bought that bottom making 5x over the next 18 months. However, if ETH falls below $1,500 on a weekly close, the next support is all the way down near $1,000.
Analyst Ted Pillows warned that failure to reclaim $1,700 could trigger a move toward the $1,540 support zone, as the area that acted as a major bottom in February 2026 has since turned into resistance. According to Pillows' analysis, "This is the zone where Ethereum bottomed in Feb 2026 and is now acting as a resistance. If ETH fails to reclaim this, a sweep of lows could happen next." Technical indicators remain bearish, with Ethereum trading below the Supertrend resistance near $1,850 and testing long-term support around $1,530. Weekly price action shows Ethereum testing support near $1,530, a zone that previously held during major pullbacks in 2023 and 2025. Momentum indicators remain weak, with the weekly MACD staying in bearish territory and the Chaikin Money Flow indicator around negative 0.22, signaling continued capital outflows. A decisive break below $1,530 could expose the next major support level near $1,064.
Liquidation data showed approximately $468 million in crypto liquidations over the past day, with Bitcoin alone erasing about $130 million worth of positions as prices dropped sharply from the $64,100 area. Liquidation heatmap data showed roughly $331 million in long liquidations and $1.84 billion in short positions remaining vulnerable to sudden reversals. Exchange-traded fund activity delivered mixed signals, with U.S. spot Bitcoin ETFs recording net outflows of $91.37 million while spot Ethereum ETFs attracted $82.37 million in inflows. The Crypto Fear & Greed Index recently fell to 11, its lowest reading in Extreme Fear territory, underscoring the depth of investor pessimism. However, SoSoValue data shows ETH spot ETFs have logged outflows for 4 straight weeks, a sign that large investors are still pulling back, which could cloud any potential rebound.
