Ethereum Crashes Below $2,000, Traders Bet on $1,500 Before Recovery
Ethereum (ETH) fell 8% on June 2, breaking the $2,000 psychological support and hitting an intraday low near $1,814. The decline is part of a broader market downturn, with Bitcoin dropping below $67,000. On the prediction market Myriad, traders now assign a 71% probability that ETH will fall to $1,500 before any rally, up 25% since mid-May. Technical indicators support bearish sentiment: RSI is at 34.26 (near oversold), the Squeeze Momentum Indicator shows a reading of -0.35, and ETH trades below both the 50-day and 200-day EMAs. Key support is at $1,700; if broken, the next significant floor is $1,400-$1,500. Factors behind ETH's underperformance include Ethereum Foundation developer departures, high-profile holders selling, and 15 consecutive days of ETF net outflows. The bull case relies on a mean-reversion bounce near $1,700, with potential catalysts like the Glamsterdam upgrade in Q3 2026. However, macro triggers are absent and institutional money is rotating to AI equities. The death cross (50-day EMA crossing below 200-day EMA) may be imminent, further weighing on price.
Key facts
- ETH dropped 8% to $1,814, breaking the $2,000 support level.
- Myriad prediction market: 71% chance ETH hits $1,500 before recovering.
- RSI at 34.26, near oversold; squeeze momentum indicator bearish at -0.35.
- Ethereum ETF outflows for 15 consecutive trading days.
- Key support at $1,700; next support cluster at $1,400-$1,500.