The Ethereum price has displayed increased bearish price action today, resulting in it retesting its $2,500 range. The value of ETH coin displayed signs of bullish build-up during the early Asian market, however, the value recorded a negative setback as the day proceeded.
On the other hand, the option expiry suggests a rising sell-off with more number of exiting the chain over the recent times. Amid such sentiment, investors are trying to understand the top reasons why Ethereum price is down today.
In this article, we will explore the short-term market sentiments and possible Ethereum price prediction.
Ethereum Options Expiry Suggests Increasing Bearish Sentiment!
The chart below from Laevitas highlights the ETH volume by expiration. It shows green bars representing calls, and red bars representing puts. The highest activity is observed on 21 of June 2025 (tomorrow) as the total volume of a contract amounted to 56.35K contracts (32.84K calls and 23.51K puts).
ETH Volume By Expiration, Source: Laevitas
The focus of the chart is that there have been trades around near-month expiration, specifically during this month, suggesting future volatility or market manipulations that may affect the forecast of the price of Ethereum on a significant level.
ETH Crypto Records Increased Outflow:
As per the data of DefiLlama, the Ethereum chain has experienced a significant drop over the past few weeks. Notably, from a peak of 27.99 million ETH on 06th of May, the numbers have dropped to 25.22 million today. This highlights a drop of approximately 10% in a span of 45 days.
Ethereum Chain Activity, Source: DefiLlama
Further, the sentiment highlights that more investors are now exiting the Ethereum chain, hinting at rising disinterest in it.
Ethereum Bulls Struggle At Key Moving Averages
The Simple Moving Averages (SMAs) 10, 50, 100, 200 is a key technical indicator used to analyze market trends by comparing price data over a specific number of periods. In the below chart, the SMA 100 & 200-days are on the verge of a negative crossover.
Moreover, they have acted as a strong resistance for the ETH coin price today as the altcoin faced a rejection at that point. This highlights a strong liquidation zone around that level that is $2,565. Following this, the value has dropped below the $2,500 mark, suggesting a rising bearish angle.
Ethereum Price Chart, Source: TradingView (ETH/USDT)
Additionally, the Volume shows a sharp increase in its latest candle, suggesting an increase in the selloff for Ethereum price in the shorter time frame. Volume is a key indicator used by traders to identify the bull and bear power in the market.
Considering the present market sentiments, the immediate test level of ETH coin stands at $2,475. Suppose, the bearish sentiment intensifies, this could lead the price to drop toward its crucial support of $2,384.75 within a short period.
However, a bullish reversal could lead the price toward its resistance of $2,525. A sustained bullish action may push the value of Ethereum price toward its upper resistance level of $2,578 shortly.