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The information provided on EL7.AI is for educational and informational purposes only and does not constitute financial advice.
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.
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Sign InThis 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 (close 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.
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.
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.