Ethereum (ETH) slid to an intraday low near $1,505 on Jun. 6, its weakest level since early 2023, as a market-wide selloff deepened.
Key Points:
- Ethereum dropped about 10% on Jun. 6, touching roughly $1,505 before steadying near $1,540.
- Analysts flag support at $1,550 and $1,400, with a deeper slide toward $1,070 if those levels fail.
- A bear flag breakdown and a rejected trendline keep the broader trend pointed lower.
Ethereum Breakdown Deepens
The token dropped more than 10% on Jun. 6, touching an intraday low near $1,505 before steadying around $1,540. That swing stretched its weekly loss to roughly 23%.
Selling accelerated after Bitcoin (BTC) briefly slipped below $60,000, sparking a wave of liquidations.
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Analysts Eye Support Levels
Derivatives data showed that nearly 79% of recent liquidations came from long positions, while open interest fell close to 30%. More Crypto Online placed key support at $1,550 and $1,400. The firm read the bear flag breakdown as confirmation of a larger corrective decline.
Crypto analyst MarketMaestro noted that ETH held a long-term trendline and a key Fibonacci level on the monthly chart, framing the zone as a decisive battleground. A monthly close beneath it would sharply weaken the outlook.
ETH's Recent Slide
Other traders warned that losing the $1,400 floor could expose Ethereum to a deeper slide toward $1,070, with momentum across major timeframes still pointed lower.
The decline caps a rough stretch for the second-largest cryptocurrency. Spot Ether funds shed $540 million in outflows in May, followed by another $168 million in early June. Those redemptions left the asset near its lowest levels since 2023.
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