Ethereum traded at $1,670, down 0.4% over 24 hours, with the token recording $12.28 billion in daily trading volume and maintaining a market cap near $199.23 billion. According to crypto.news, ETH traded between $1,632.77 and $1,687.85 during the latest 24-hour period, with the token also down 4.91% over seven days. The current move follows a sharp June drawdown across the crypto market, with Ethereum recently touching the $1,500 area after losing support near $2,000, a level that had acted as a major marker for traders. The daily chart continues to show a clear downtrend, with ETH forming lower highs since its previous highs near the $4,500 to $5,000 region.
Spot Ethereum ETFs recorded $15.89 million in net outflows on June 11, marking the third straight day of withdrawals, according to SoSoValue data. As previously reported by crypto.news, spot Ethereum ETFs saw $540 million in outflows in May, followed by another $168 million in early June, which removed a major source of support as ETH broke several key levels. While BlackRock's ETHA recorded inflows on June 11, broader net flows remained negative across the full group. ETF outflows matter because these products can act as a source of spot demand, and when flows turn negative, that demand weakens and can add sell pressure during unstable markets.
Ethereum's latest weakness came as U.S. military action against Iran pushed traders away from higher-risk assets, with the conflict lifting demand for the U.S. dollar and safe-haven positions while crypto markets faced liquidations. Higher energy prices also add pressure because they can keep inflation elevated, which matters for Ethereum because sticky inflation reduces the chance of easier Federal Reserve policy. A hawkish Federal Reserve usually weighs on crypto, as higher rates make speculative assets less attractive because investors can earn safer yields elsewhere. As previously reported by crypto.news, the June crypto crash came from several pressures hitting the market at once, including a hawkish Fed, U.S.-Iran tensions, ETF outflows, and a leverage unwind.
On-chain data has provided one of the strongest bullish arguments for Ethereum in recent weeks, with nearly 500,000 ETH worth about $800 million leaving centralized exchanges over the past seven days, according to analyst Ali Martinez. Large exchange withdrawals are often viewed as a sign that investors intend to hold assets rather than keep them available for immediate sale, with falling exchange balances potentially reducing short-term selling pressure if demand remains stable. Despite the poor performance, analyst Daan Crypto Trades argues that Ethereum still has an important role in tokenization, decentralized finance, and blockchain infrastructure, stating that current price levels are becoming attractive for investors with a multi-year time horizon. However, Martinez also warned that Ethereum could still fall much further before establishing a final market bottom, with his downside scenario suggesting ETH could revisit levels near $700 if broader market conditions deteriorate.
Ethereum is trying to hold the $1,650 area, with the next support zone sitting near $1,550 to $1,500. A deeper move below $1,500 could bring the $1,400 level into focus, and some analysts have warned that failure to hold that region may increase the risk of a move toward $1,000 to $1,100. On the upside, ETH needs to reclaim $1,750 to $1,800 first, with a stronger recovery requiring a move back above $2,000, where the latest breakdown accelerated. The Relative Strength Index currently sits near 32, close to oversold territory, while the MACD remains below the signal line and in negative territory, though bearish momentum has slowed. The BBP indicator remains negative near -149.38, showing that sellers still control the daily chart, though the red bars have become smaller than the sharp bearish spike seen earlier in June.
