The information provided on EL7.AI is for educational and informational purposes only and does not constitute financial advice.
The information provided on EL7.AI is for educational and informational purposes only and does not constitute financial advice.
Amid a broader cryptocurrency market selloff, Ethereum has shed 17% of its value over the last seven days, reflecting a rapid deterioration in trader sentiment. According to reports, the price has decisively broken below the $1,700 support level, signaling a shift toward deeper bearish territory. Weekly technical indicators suggest bears are firmly in control, with a liquidity magnet now identified around the $1,380 zone—a level not tested since April 2025.
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Sign InThis downward acceleration coincides with sustained outflows from Ethereum ETFs, as market data indicates institutional preference remains skewed toward Bitcoin. Compared to previous technical setups, the breach of $1,700 invalidates prior consolidation attempts and heightens liquidation risks for leveraged positions. Per market data, the lack of immediate buy-side support suggests that the path of least resistance remains lower as the asset searches for a definitive floor.
Traders should closely monitor the $1,380 level as the next major technical target for this correction. Looking ahead, the US ISM Manufacturing PMI data (scheduled for June 1, 2026) will be a critical catalyst for broader market risk appetite. As of the close on May 30, 2026, ETH remains under significant pressure, making the upcoming economic releases vital for determining if the current selloff will stabilize or intensify.