Ethereum fell below $2,000 on June 2 and kept sliding, hitting an intraday low of $1,814.90 after opening at $2,004 and briefly touching $2,018. The break took the market through a level that had been holding up the mood around the token, and now traders are asking how much farther the ethereum price can fall before buyers finally step in.
That question has become more pointed because prediction-market traders on Myriad are assigning a 71% chance that Ethereum reaches $1,500 before a rebound, up 25% since mid-May. Ethereum exchange-traded funds have also logged 15 consecutive trading days of net outflows, a run that shows the pressure is not just on the chart but in the vehicles investors use to gain exposure.
The near-term map is becoming clearer. Chart watchers are focused on about $1,700 as the next critical line, with a larger $1,400 support cluster below it that acted as major resistance-turned-support in early 2023. Ethereum’s relative strength index sits at 34.26, a sign the market is weak but not yet in a washed-out breakdown, while the ADX at 21.6 suggests the trend is still developing rather than exhausted.
Even so, the chart carries a contradiction that matters. Ethereum is trading well below both its 50-day EMA at around $2,194 and its 200-day EMA near $2,510, which normally tells traders the long-term structure is broken. But the 50-day average still sits above the 200-day average, a technically bullish golden cross that is now fading fast as the gap narrows. In other words, the market is already behaving like it wants lower prices even while one of the classic long-term signals has not fully rolled over.
That split helps explain why the current drop is drawing so much attention. Ethereum is still far above its $4,954 all-time high from August 2025, but the move below $2,000 has shifted focus from far-off peaks to whether the market can hold the $1,700 area at all. If that level fails, the chart points toward the $1,400 zone that once flipped from resistance into support, and that would put Ethereum back into territory where investors will have to decide whether they are averaging down or watching a deeper reset take shape.
