ETHUSD- Ethereum Price Drops 8% on Sustained ETF Outflows
Ethereum (ETH) price is struggling to rebound after slipping 8% to $1,730 on Thursday amid bearish action driven by relentless institutional selling via spot ETFs and a cascade of leveraged long liquidations.
ETH spot ETFs recorded their 16th consecutive day of net outflows on June 2, with $90.15 million leaving the funds. These signals sustained institutional distribution.
Concurrently, over $341.89 million in ETH long positions were liquidated in 24 hours, as previously high funding rates indicated a crowded long trade that unravelled.
The combination of passive institutional selling and forced deleveraging from overextended traders amplified the downward move.
The sell-off was market-wide, with Bitcoin down 6.66% and total crypto market cap falling 5.86%. Macro pressures like rising Treasury yields and geopolitical uncertainty drove a risk-off sentiment.
Crypto analysts maintained that Ethereum’s decline was exacerbated by its high correlation to Bitcoin and a broader flight from riskier crypto assets.
The immediate structure is bearish following a breakdown below the $1,825 support. Technically, ETH is deeply oversold with an RSI of 18.61, which can precede a bounce. The $1,714–$1,717 area is now critical near-term support, identified from recent lows and analyst targets.
The path of least resistance is down, but oversold conditions increase the odds of a technical rebound. A strong rejection and reclaim of $1,825 could signal a short-term bottom, while a break below opens the path to $1,550.
Ethereum’s narrative is split between long-term institutional accumulation and immediate technical weakness driven by large holders.
The altcoin is caught in a downdraft of institutional exit and leverage washouts, overriding strong on-chain holder conviction. A sustained recovery requires a break in the ETF outflow streak. XRP Price Sinks 7% as Investors Unwind Leverage Positions
