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The information provided on EL7.AI is for educational and informational purposes only and does not constitute financial advice.
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Sign InThe cryptocurrency market experienced a sharp decline as Ethereum failed to hold the psychological $2,000 support level, forming a distinct bearish trend line. Bitcoin settled below the critical $68,000 pivot zone amid a broad-based selloff affecting major digital assets. Additionally, XRP dipped by more than 5%, trading below the $1.18 support level, signaling a significant shift in short-term market momentum.
This downturn aligns with recent institutional outflows from spot ETFs, which have weighed heavily on price action per market data. Comparing current levels to previous weeks, major tokens have erased gains as macro concerns persist; notably, the U.S. Core PCE Price Index reported on May 28, 2026, showed a 0.2% monthly increase, maintaining pressure on non-yielding risk assets. Peer performance across the sector remains muted as liquidity tightens.
Looking ahead, Ethereum's ability to reclaim the $2,000 level remains a key focus following the breach on June 4, 2026. Investors should monitor the upcoming speech by Fed's Kashkari on the economic calendar for clues on monetary policy direction. Technical support for Bitcoin below the $68,000 mark will be crucial to watch in the coming sessions to determine if the current bearish cycle will extend further.