Ethereum fell below $2,000 on June 2 and dropped 8% in a single session, hitting an intraday low near $1,814 as the second-largest cryptocurrency by market capitalization extended losses beyond Bitcoin's decline. The breakdown followed 15 consecutive trading days of net outflows from Ethereum ETFs, departures of key developers from the Ethereum Foundation, and sales by high-profile supporters. The price action occurred amid broader crypto market weakness, with Bitcoin falling below $67,000 to its lowest level since April.
Prediction Market Assigns 71% Probability of $1,500 Price Target
On Myriad, a prediction market built by Decrypt's parent company Dastan, traders are now pricing in a 71% chance that Ethereum drops to $1,500 before making any comeback. Those odds increased 25% since mid-May. The prediction market shows traders betting ETH reaches $1,500 before it bounces back to $3,000.
Technical Indicators Show RSI at 34.26 in Bear Territory
Ethereum opened at $2,004, tested a high of $2,018, then plunged to an intraday low of $1,814.90. The Relative Strength Index sits at 34.26, in bear territory and approaching oversold levels. The Average Directional Index reads 21.6 and is trending upward. The 50-day Exponential Moving Average sits around $2,194, and the 200-day is near $2,510. Both averages are acting as resistance levels rather than support. The Squeeze Momentum Indicator is on, firing with a momentum reading of -0.35.
Price Action Tests $1,700 Support Zone
The chart shows a critical level around $1,700. The pattern of lower highs and lower lows that has been in place since Ethereum's all-time high of $4,954 in August 2025 remains intact. If ETH does not find buyers at or above the $1,700 zone, there is limited support between the current price and the $1,400 support cluster, a region that acted as major resistance-turned-support in early 2023. That level represents roughly 25% below current prices.
Bull Scenario Depends on Mean Reversion and Roadmap Catalysts
The bull thesis centers on mean-reversion, with RSI near 34 and ETH down roughly 60% from its all-time high. The $1,700 zone represents a psychological level that bulls may attempt to defend. The Ethereum Foundation confirmed the Glamsterdam upgrade for Q3 2026, targeting a major gas limit expansion and 10,000 transactions per second on the layer-1 network.
Bear Case Points to ETF Outflows and Technical Structure
The 15-day ETF outflow streak for Ethereum reflects institutional money rotating out of crypto. ETH has printed lower highs and lower lows consistently, with every bounce attempt since breaking $2,500 being capped and reversed. The $2,000 level, which had held as support for weeks, broke with conviction. The gap between the 50-day and 200-day EMAs is closing, which could result in a death cross.
FAQ
What price did Ethereum hit on June 2?
Ethereum fell below $2,000 on June 2 and reached an intraday low near $1,814 during the session, representing an 8% drop in a single day.
What is the prediction market probability for Ethereum reaching $1,500?
On Myriad, traders are pricing in a 71% chance that Ethereum drops to $1,500 before making any comeback, with those odds up 25% since mid-May.
When is the Ethereum Glamsterdam upgrade scheduled?
The Ethereum Foundation confirmed the Glamsterdam upgrade for Q3 2026, targeting a major gas limit expansion and 10,000 transactions per second on the layer-1 network.
