Ethereum price slipped deeper into the red as sellers tightened control across the broader crypto market.
ETH traded at $1,628 after losing 4% over the past 24 hours. The move followed Bitcoin’s 4.65% decline, which pushed BTC price below the $62,000 mark.
Crypto Market Selloff Hits Major Tokens
The overall crypto market value declined 3.46% to 2.12 trillion as fear swept across key tokens. The price of XRP also fell below $1.15, demonstrating that the selling pressure was not specific to Bitcoin and Ethereum.
Traders attributed the fall to poor risk sentiment, security, and heavy leveraged liquidations. There was a reported violation that placed extra pressure and propelled most traders into defensive positions.
Bitcoin price moved around in the range of about $61,049, having dropped drastically in the region of $64,100.
A hold above $60,000 may support a rebound toward $63,400. However, a breakdown could expose Bitcoin to the $58,000 to $59,000 range soon.
Liquidations and ETF Flows Add Volatility
Crypto liquidations reached about $1.1 billion in the past 24 hours. The fall in Bitcoin price, which was between $64,100 and $61,600, alone wiped out about 451 million positions.
Surely $BTC can’t dump forever, right?$BTC just dumped from $64,100 to $61,600 liquidating $451M.
$1.1B total Crypto liquidations in the past 24 hours alone!!!
Now, the 1 day liquidation map has:
– $331M Longs
– $1.84B Shorts!!!That’s 5.5x more shorts than longs, all the… https://t.co/o9BYRufXuu pic.twitter.com/KWxHdbqSIq
— CryptoReviewing (@CryptoReviewing) June 9, 2026
The liquidation map on one day was indicated to be of $331 million in longs and 1.84 billion in shorts. This imbalance indicates potential sharp movements in case of sudden price reversal.
ETF flows were a mixed picture. The outflows of U.S. spot Bitcoin ETFs were recorded at 91.37 million, and Ethereum ETFs inflows were at 82.37 million.
According to SoSoValue data, on June 8 (ET), U.S. spot Bitcoin ETFs recorded a total net outflow of $91.37 million, while U.S. spot Ethereum ETFs saw a total net inflow of $82.37 million. pic.twitter.com/odZFqTqJuM
— Wu Blockchain (@WuBlockchain) June 9, 2026
Analyst Says Ethereum Price Could Revisit February Lows
Crypto analyst indicates that Ethereum price is finding it hard to regain the price level of $1,700 following its recent drop.
This area, according to the chart, was a major bottom in February 2026. However, it has now turned into resistance as sellers defend the zone.
Ether was trading at around 1,628, having dropped several short term support levels. The trend is less decisive as traders strive to regain power.
$ETH is trying to reclaim the $1,700 level.
This is the zone where Ethereum bottomed in Feb 2026 and is now acting as a resistance.
If ETH fails to reclaim this, a sweep of lows could happen next. pic.twitter.com/e6qx6vSPJj
— Ted (@TedPillows) June 9, 2026
Failure to reclaim $1,700, warned analyst, might precipitate another sweep of lower levels. The chart indicates potential downside pressure around the area of support at $1,540.
Can Ethereum Price Bulls Defend $1,600 as Selling Pressure Mounts?
As of the reporting, the ETH price traded at $1,644 on the 4-hour chart. The RSI is approximately 43.21. This indicates momentum is still weak even though it has just bounced back.
The Chaikin Money Flow indicator is close to 0.05. This is an indication of mild capital inflow, but the buying pressure is low.
The initial upside target is now close to $1,700. An upward shift beyond that point would lead to the possibility of a clean-up move to $1,800.
Market sentiment would be enhanced with a more decisive breakout above $1,800. A detailed ETH price analysis could also allow ETH to target the $2,000 resistance zone.
However, failure to retain the $1,600 may derail the recovery process. In that case, Ethereum could retest the $1,500 support area.
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