Ethereum Fragile: Millions Worth Of ETH Liquidated, Is $2,800 Incoming?

Ethereum, more like Bitcoin, is under intense selling pressure. Even though losses were contained, finding support at last week’s lows, there is a clear weakness. So far, bears might look to sell on every attempt higher but below $3,700. Still, conservative traders, waiting for clear trend definition can wait for prices to breakout from the current range. As things stand, Ethereum has resistance at $3,700 while support is at $3,300. Should bears press on; the reaction at $3,300 will mark a possible shift in momentum, possibly supporting sellers.

The selloff yesterday means Ethereum is back in bearish but stable in the past day and week. As prices consolidate, the average trading volume is high, standing at over $19 billion. Still, traders expect more engagement, especially once there is a conclusive close above the current range.

Traders are monitoring the following Ethereum news events:

• The anticipation of a spot Ethereum ETF approval has traders expecting gains. However, bears have been dominant, leading to massive liquidations across perpetual trading platforms like Binance and OKX. By the close of June 18, over $42 million of leverage ETH positions had been wiped.
• Golem Network has announced plans to stake some of its ETH reserves to increase its revenue base. Even so, the platform said it would solo stake and won’t leverage any of the existing liquidity staking solutions.

Ethereum Price Analysis

At press time, ETH/USD is recovering but bearish following yesterday’s dip.

Although ETH holders are optimistic about what lies ahead, it is clear that bears are unyielding.

Aggressive traders may increase their shorts on every pullback towards the $3,700 resistance, targeting $3,300.

Meanwhile, conservative traders can wait for further losses below $3,300 to enter. In that case, the first target would be $2,800 or May 2024 lows.