Ethereum Drops 12.5% in a Month: New Support Levels at $1,965
Ethereum (ETH) has slid 12.5% over the past 30 days, making it the weakest performer among the top five cryptocurrencies by market cap. Price remains just below $2,010 and has moved under the 100-hour simple moving average.
On the technical side, ETH briefly dipped to about $1,965 before a minor rebound faded as selling resumed. Analysts point to a potential downside risk after an hourly break below the 2,015 upward trendline. The daily RSI is around 32—approaching oversold but not yet fully there. A daily close below $2,000 could accelerate the decline.
Key support levels highlighted are: $1,965 first, then $1,920 and $1,850. The larger demand zone is near $1,780.
Historically, Ethereum tends to perform poorly in June, with losses in 7 of the last 10 Junes (ranging from about -1.5% to as much as -45%). Analyst Ali Charts suggests the $1,825 area could offer a risk-to-reward entry, provided ETH holds above $1,750. Upside levels mentioned include $2,073 and $2,360.
Derivatives data remains important: ETH open interest hit an all-time high of 15.98M ETH (May 27), while the weekly RSI slipped below 30. This combination often precedes larger moves over the next 6–12 months, but a near-term reversal likely requires reclaiming resistance around $2,050.
Overall, Ethereum’s next move hinges on whether $1,965 can hold; if it breaks, attention may shift toward the $1,800–$1,780 zone.
Bearish
Ethereum’s -12.5% monthly move and the break below the 2,015 trendline signal weakening trend conditions. While RSI near ~32 suggests downside momentum may be approaching “oversold,” the article notes a daily close below $2,000 could worsen the move. The market is also watching specific downside levels ($1,965, then $1,920/$1,850 and the $1,780 demand zone).
At the same time, derivatives positioning (ETH open interest at an all-time high) implies traders are positioned for larger volatility, which can amplify both selloffs and rebounds—but until ETH reclaims resistance near $2,050, traders are likely to favor downside hedges and short-term risk control. Historically, ETH’s tendency for weak June performance supports a cautious stance in the near term.
Longer term, the setup could lead to a recovery if $1,750–$1,825 holds (as cited by Ali Charts), but the near-term probability still skews bearish because the key support tests have not yet resolved.