Can Ethereum price sustain $1,500 as the reverse Adam and Eve breakout signals further losses?

Ethereum prices remained under strong selling pressure for a fourth straight day on Friday due to liquidations, sustained ETF outflows, and a major technical failure. $ETH The lowest level this year.

According to data from crypto.news, Ethereum ($ETH) price traded around $1,680 on June 5th, after falling almost 5% on the day. This decline followed a sharp move below $1,825, which level traders were eyeing as one of the last major supports before the $1,600 and $1,500 zones.

Ethereum’s decline accelerated after a congested long-term trade cleared across the crypto futures market. The forced sell-off increased pressure on Ethereum as more than $1.2 billion in crypto positions were liquidated in a single day and automated liquidation engines reduced leverage exposure, according to CoinGlass data.

On-chain trackers reported movements of 10,422 Bitcoins (worth approximately $739 million) related to the legacy of Mt Gox, also dampening market sentiment. Although the coins did not move directly to exchanges, the move caused supply concerns across the crypto market.

At the same time, Strategy’s unusual Bitcoin sale to fund preferred stock dividends was another psychological blow to traders already dealing with falling prices and thin liquidity.

Relief from ETF inflows is limited

The Spot Ethereum ETF ended its longest streak of outflows on Thursday, recording $19.3 million in net inflows after 17 consecutive business days of withdrawals, according to SoSoValue data.

While this inflow doesn’t signal a major return to demand from institutional investors, it does suggest that the bullish sentiment among professional investors may be starting to ease. Earlier this week, the Ethereum ETF suffered significant redemptions, including more than $519 million in outflows on June 2nd alone.

Macro pressures also remain a drag. WTI crude oil futures hovered around $93 a barrel on Friday, up more than 6% for the week, despite falling 3% in the previous session.

As previously reported by crypto.news, the US and Iran may still pursue a diplomatic solution, which has helped calm the oil market, but negotiations have yet to yield clear progress. Geopolitical risks remain elevated due to Israeli military operations in Lebanon and Hezbollah’s rejection of a US-brokered ceasefire offer.

With the US Federal Reserve (Fed) already maintaining a high oil price stance for a long time, rising oil prices are reigniting inflation concerns. With the yield on the 10-year U.S. Treasury near 4.43%, investors continue to move money out of risky assets and into safer-yielding markets.

Ethereum chart focuses on $1,500

Ethereum’s daily chart shows an inverted Adam and Eve structure with the price breaking below neckline support near $1,975. The measured move from the pattern predicts a possible decline towards around $1,412, with the $1,500 area just inside the next major downside zone.

The breakdown also increased $ETH Below the 200-day exponential moving average and local upward support, the $2,030-$2,245 area has turned into a heavy resistance zone. A rally to that band would be necessary for the bulls to challenge the bearish structure.

Momentum remains weak. The daily MACD is below the signal line, but the histogram remains in negative territory. The 14-day RSI is well into oversold territory, with the chart reading near 15 and the RSI average near 30.

According to crypto analyst Ari Chart, Ethereum’s drop below $1,825 opens the next downside level.

“Ethereum $ETH We have broken through the $1,825 support level! This opens the door to $1,600 and $1,400. ”

CoinGlass’ three-day liquidation heatmap shows large clusters of liquidations occurring above spot prices, particularly between $1,900 and $2,060. Below current levels, liquidity looks thin to the $1,600 area. In other words, if he can’t maintain his current rebounding zone, he may leave. $ETH exposed to further sharp declines.

Commenting on the latest price movements, crypto trader Ted Pillows noted that Ethereum has fallen to new yearly lows and argued that the $1,500 level could become an accumulation zone for large buyers.

Michael van de Poppe took a more contrarian view, pointing out that Ethereum has hit an all-time low in the daily RSI. He described the RSI’s extreme values ​​as “nearing the end of a bear market,” although prices have yet to confirm a reversal.

In the following cases, the downside risk will be even deeper. $ETH Lost $1,600 due to high volume. Such a move would focus on measured targets around $1,500 and $1,412, especially if liquidation pressure returns and ETF inflows do not continue.

The bearish setup will only start to weaken if Ethereum regains $1,825 and closes above $1,975. Until then, $1,500 remains a key level for traders to watch as the next big test of buyer demand.