Ethereum Slides Below $2,400, Down 0.98% on June 22
Ethereum (ETH) briefly dropped below the $2,400 mark on June 22, trading at $2,399.89 on OKX, representing a 0.98% decline over 24 hours. This dip reflects renewed short-term selling pressure as traders react to broader market consolidation and profit-taking at key resistance levels. Despite the modest pullback, trading volumes remain steady, suggesting balanced market interest. Analysts note that a sustained break below $2,400 could trigger further downside, while a rebound above this psychological support may stabilize ETH prices ahead of upcoming network upgrades and macroeconomic announcements.
Bearish
Ethereum’s fall below the $2,400 support level signals renewed selling pressure and a potential shift in short-term trader sentiment. Similar pullbacks in past cycles saw ETH testing lower levels before stabilizing, as profit-taking at key thresholds amplified downward moves. If the price fails to reclaim $2,400 quickly, stop-loss orders may trigger further declines, reinforcing bearish momentum. However, stability in trading volumes suggests that long-term holders remain engaged, so any extended downturn could be limited ahead of major network upgrades and macroeconomic catalysts.