Ethereum near $1,660 as sell‑off accelerates, support at $1,611

Ethereum slipped to about $1,660 on June 24, a 7.2% drop over the past week and a 20% decline in the last 30 days, leaving the token vulnerable to a further leg lower if buyers cannot hold the $1,611‑$1,650 support area [1].

Market pressure and on‑chain signals

The sell‑off coincided with six straight weeks of net outflows from U.S. spot Ether ETFs, totaling $910 million since mid‑May, and a 23% drop in DeFi total value locked over three months [1]. These flows stripped institutional demand, while the Ethereum Foundation announced a 20% staff reduction (54 employees) aimed at cutting annual spending by 40% [1]. Together, the funding squeeze and weaker network activity have eroded the “fundamentals support” narrative that some analysts cite.

On‑chain metrics reinforce the bearish bias. A sharp $170 million liquidation of leveraged long positions occurred after a 12‑day rally was erased, and perpetual futures funding turned briefly deeply negative, meaning short sellers were paid to hold positions [1]. Technical indicators show ETH trading below its 20‑day EMA ($1,745), 50‑day EMA ($1,893), 100‑day EMA ($2,057) and 200‑day EMA ($2,333), with the daily RSI near 37, well under the neutral 50 level [1].

Outlook and price targets

Analysts note that a clean break below the $1,650 floor would shift focus to the $1,611 horizontal support; a breach there could trigger a liquidation‑driven slide toward $1,500 and lower [1][3]. Conversely, reclaiming the 20‑day EMA around $1,745 and holding the $1,680‑$1,715 resistance band would be needed for a credible rebound [1][3]. The Glamsterdam upgrade, slated for mid‑2026, promises to triple base‑layer throughput and cut gas fees, but its impact remains uncertain until launch [2][3].

What to watch

• $1,611 support – a break could open a path to $1,500 and $1,300 zones.
• ETF flow data – weekly net inflows/outflows for spot Ether ETFs, especially any reversal of the six‑week outflow streak.
• Glamsterdam upgrade timeline – any delay or launch confirmation for the mid‑2026 upgrade.

Ethereum’s price action reflects a confluence of weak institutional demand, declining DeFi activity, and internal cost‑cutting, leaving the token perched on a narrow support band. Whether the next move is a bounce toward $1,745 or a slide below $1,611 will hinge on short‑term funding flows and the upcoming upgrade’s progress.