On Wednesday, June 3, Ethereum fell below the $1,800 mark for the first time since May 2025. A wave of sell-offs began in the cryptocurrency market, triggered by geopolitical tensions, rising US Treasury yields, and pressure from institutional investors through exchange-traded funds (ETFs).

On Tuesday, June 3, the second-largest cryptocurrency opened at $1,857.33 and lost 7.3% during the day. Throughout the session, ETH broke through the psychological barrier of $1,800, and by June 4, trading occurred near $1,760. Since the beginning of 2026, Ethereum has depreciated by approximately 33%.

Institutional outflows have further exacerbated the decline: US spot ETFs on Ether recorded a net outflow of $52.91 million on June 3, extending the series of outflows to 17 consecutive trading sessions. According to CryptoNews, the cumulative outflow exceeded $708 million over the 14 days leading up to June 1, with $306 million withdrawn in the past week alone—the largest weekly amount since late January.

Ethereum's market share has decreased to approximately 9.7%, and the ETH/BTC ratio has breached key support levels. Analysts at TMGM note that the 14-day Relative Strength Index (RSI) was near 21—deeply in the oversold zone. Additionally, long-term holders have accelerated their sales, with the liquidation of losing coins leading to increased realized losses.

The cryptocurrency crash coincided with overall instability in financial markets. On June 3, Bitcoin fell below $62,000 amid the intensifying conflict in the Middle East, reaching its lowest point since February.

The yield on 30-year US Treasury bonds previously exceeded 5.19% (the highest level since the period leading up to the 2008 financial crisis) amid rising inflation concerns, partly driven by higher oil prices related to the Iranian conflict.

According to CoinDesk, rising yields are pressuring risk assets, including cryptocurrencies. The cumulative net outflow from US spot Bitcoin ETFs totaled between $2.8 and $3.5 billion over 10 or 11 days of consecutive redemptions.

Technical Analysis

Technical analysts indicate that the nearest support is around $1,740: a break below this level could open the path to $1,524 and then to a structural bottom around $1,404. FX Empire warned at the end of May that $1,800 was their estimate for the cycle's minimum—this level has now been breached. Resistance is concentrated in the range of $2,030–$2,245, where the main moving averages for Ethereum converge.

Historically, June is the least favorable month for Ethereum: over the last ten years, it has ended in the red seven times, adding context to the current downturn.