Ethereum price near key support as analysts warn of another leg down
Ethereum price fell about 4% to around $1,630 after failing to reclaim $1,700. Analysts warn that if Ethereum price cannot break back above $1,700, a sweep of lows could follow and push ETH toward the $1,540 support zone.
Derivatives data showed liquidation pressure across the market. Crypto liquidations reached about $468 million in the past day, with Bitcoin accounting for roughly $130 million of erased positions as BTC slid below $62,000. The selloff also extended beyond majors, with XRP slipping below $1.15.
On sentiment and positioning, a liquidation heatmap cited in the report flagged large exposure: around $331 million in long liquidations and remaining short positions of roughly $1.84 billion, implying volatility risk if price action reverses.
ETF flows were mixed. U.S. spot Bitcoin ETFs saw net outflows of about $91.37 million, while spot Ethereum ETFs recorded inflows of about $82.37 million.
Technicals remain bearish for Ethereum price. ETH is trading below Supertrend resistance near $1,850. Daily momentum shows weak confirmation after a Stoch RSI bounce, while weekly indicators point to continued outflows (Chaikin Money Flow around -0.22) and bearish MACD.
Key levels: ETH support to watch is near $1,530; a decisive break could expose lower support around $1,064. A recovery scenario would likely require Ethereum price to reclaim $1,700 and then move back above the daily Supertrend near $1,850.
Bearish
The article frames Ethereum price action as vulnerable just below key resistance, with a clear technical “failure level” at $1,700. That matters for traders because once ETH cannot reclaim a previously decisive zone, liquidation cascades can accelerate—especially when derivatives show substantial exposure on both sides. Here, crypto liquidations hit about $468M, and the heatmap indicates large remaining short risk plus notable long liquidations. This combination historically tends to produce lower lows in the short term.
Technically, ETH is still below Supertrend resistance near $1,850 and is testing longer-term support around $1,530. Analysts also cite $1,540 as the next probable downside magnet and note that a decisive break could open a deeper move toward ~$1,064. These are typical bearish setups: price below key trend filters (Supertrend), resistance turned “failed support,” and weak momentum confirmation.
ETF flows are mixed (ETH ETFs inflows vs BTC ETFs outflows), but they don’t yet appear strong enough to override the spot/derivatives pressure. In the short term, traders may reduce risk or wait for either (1) a reclaim of $1,700 and follow-through toward $1,850, or (2) a breakdown below $1,530 to confirm bearish momentum.
In the longer term, if ETH can stabilize above $1,530 and later reclaim $1,700, the current pressure could transition into a consolidation or base. However, until those reclaim levels occur, the expected bias remains bearish.