Ethereum Slides as Bears Close the May 20 Gap: Back To $3,300?

Ethereum is shaky when writing and continues to free-fall, which is a concern. Even though some expect the coin to rally in the sessions ahead, the current state of affairs swings heavily in favor of bears. Notably, Ethereum is trading way below the $3,700 level, dropping below $3,500 yesterday. At this pace, the coin might even break below $3,300, confirming the presence of sellers and even canceling out buyers of May 20.

Ethereum is in red when writing, stable on the last day, and down 8% in the previous trading week. The probability of this trend continuing is elevated since the $3,700 support (now resistance) was aggressively broken. In the short term, sellers dominate, participation is expanding as they do, and the trend shifts. On the last day, the average trading volume shot to over $15 billion.

The following Ethereum news events are worth monitoring today:

• When Ethereum slid below $3,700, a critical support, the Industrial & Commercial Bank of China (ICBC) wasn’t fazed. Instead, it described the platform as the new digital oil hosting digital innovation. As the network upgrades, it will power the digital future, the bank added.
• The community is eagerly waiting for the eventual approval of spot Ethereum ETFs. Accelerating the green lighting of S-1 registration forms, the United States SEC listed ProShares’ Ethereum ETF Filing on its website. Even so, it is highly likely that the regulator will approve all S-1 forms from all applicants at once.

Ethereum Price Analysis

ETH/USD is on a bearish path.

Looking at the performance in the daily chart, ETH is down 12% from May highs.

Sellers are actively closing the May 20 bullish gap.

At this pace, and as sellers align with the June 11 bar, the next target would be $3,300—a key reaction point.

This preview will only change once Ethereum peels back all losses posted on June 11 and breach $3,700.

If not, once $3,300 is broken, the coin could retest $2,800, unwinding gains posted in May.