Ethereum’s 0.65% 24-hour decline reflects mixed technical signals, reduced derivatives activity, and geopolitical risk spillover.
Bearish technical setup: ETH faces resistance at $2,544 with weakening momentum indicators.
Options expiry pressure: $2.4B ETH options expiring June 21 increased hedging/selling.
Risk-off sentiment: Traders rotated to Bitcoin (BTC dominance rose to 64.23%) amid Middle East tensions.
Deep Dive
1. Technical Context
ETH trades between $2,457–$2,659 (4-hour chart), with:
- MACD histogram at -31.8 (bearish momentum)
- RSI 14 at 48.83 (neutral but below bullish threshold of 50)
- Immediate support at $2,488 (24h low) and 50-day EMA ($2,438)
The 15% drop in open interest since June 13 (CryptoNewsLand) suggests reduced bullish conviction, while $82M ETH left exchanges in 48 hours failed to boost prices.
2. Market Dynamics
Bitcoin dominance rose 0.79% in 7 days, diverting capital from ETH
Fear & Greed Index at 48 (Neutral), down from 68 (Greed) in May
Altcoin season index at 20/100 (Bitcoin dominance phase)
Geopolitical risks intensified after Israel’s June 13 airstrike in Iran triggered $665M crypto liquidations (TradingView), with ETH bearing brunt due to its higher beta vs BTC.
Conclusion
ETH’s dip combines technical resistance, macro risk aversion, and capital rotation to Bitcoin – but whale accumulation (48,825 ETH bought June 20) and $2.5K support suggest limited downside.