Ethereum Slides to $1,840 as Recovery Efforts Fail Below Key Resistance
Key Facts
Amid persistent selling pressure in the crypto markets, Ethereum has extended its decline to reach the $1,840 level. This move follows the asset's failure to maintain stability above previous support zones, with prices currently consolidating below $1,920 according to reports. Analysts suggest that breaking these technical levels reinforces the short-term bearish momentum dominating the market.
This downturn occurs as altcoins face similar headwinds, with Solana (SOL) dropping approximately 5% over the last 24 hours per market data. Compared to last month's levels, Coinglass data shows a persistence in negative funding rates, reflecting growing trader pessimism. Furthermore, JPMorgan analysts recently noted that weak inflows into spot ETFs might limit the potential for a swift price recovery.
Technically, traders are focused on the $1,800 support level to prevent further slides, with ETH priced at $1,840 (June 2, 2026). Looking ahead, the market awaits the US Non-Farm Payrolls data scheduled for June 5, 2026, which could trigger additional volatility in digital assets depending on the US Dollar's reaction.
Latest Updates · 2
- Notable·
Update: Analysts are currently monitoring a potential relief rally from the current dip zone, though a failure to sustain momentum could lead Ethereum to retest a lower support level at $1,750. This level is viewed as a critical floor to prevent further downside if selling pressure persists.
- Notable·
Update: Market reports have identified a significant spike in whale selling activity as Ethereum slipped below the $2,000 threshold. This surge in large-scale liquidation adds institutional sell-side pressure, accounting for the accelerated decline toward current support levels.