Ethereum near $1,611 support as sell‑off accelerates

Ethereum fell to about $1,660 on June 24, hovering just above the $1,611 support zone that could trigger another liquidation‑driven drop if breached [2]. The price pressure comes as spot Ether ETFs have logged six weeks of net outflows, DeFi TVL is down 23% in three months, and the Ethereum Foundation announced a 20% staff cut, all feeding bearish sentiment.

Market pressure and on‑chain fundamentals

The six‑week streak of spot Ether ETF outflows has siphoned roughly $910 million since mid‑May, shrinking total assets to $9.4 billion [2]. Coupled with a 23% drop in DeFi total value locked, the network’s primary use‑case argument has weakened, even though Ethereum still commands about $38 billion in DeFi TVL (≈ 53% market share) [2]. On‑chain fees have slumped to $11 million over the past 30 days, underscoring the reduced activity.

Technical picture and recent volatility

ETH is trading below its 20‑day EMA ($1,745), 50‑day EMA ($1,893), 100‑day EMA ($2,057) and 200‑day EMA ($2,333), keeping the medium‑term trend bearish [2]. The daily RSI sits near 37, well under the neutral 50 level, while the 4‑hour chart shows EMA‑9 below EMA‑21 and RSI around 36.6, confirming short‑term seller dominance [2]. A break below the $1,611 horizontal support would likely unleash further liquidations, as $170 million of leveraged long positions were already wiped out earlier in the week [2].

Sentiment from the community

Long‑time Ethereum bull and author Hoffman sold his entire ETH stash last Thursday, citing “gross underperformance” of ETH versus the broader crypto market and the impact of early‑stage millionaire selling pressure [1]. Despite his personal exit, Hoffman reiterated a “massively bullish” outlook for the protocol, arguing that most upside will come from layer‑2 fee capture rather than the token itself [1]. His sale added a high‑profile narrative to the ongoing sell‑off.

What to watch

• $1,611 support – a clean break could open the next downside leg toward $1,500.
• ETF flow data – weekly net inflows/outflows for spot Ether ETFs will signal institutional demand.
• Ethereum Foundation staffing – any further workforce reductions or budget cuts may affect market confidence.

Ethereum’s price now tests a critical support band while fundamental pressures mount; whether buyers can hold the $1,611 level will shape the token’s trajectory amid a broader risk‑off environment.