Ethereum recovers to $1,700 but risks $1,500 retest

Ethereum bounced toward $1,700 after dropping near $1,500 during the recent sell-off. The token traded around $1,691 at the time of writing, up about 1.4% over 24 hours, moving between $1,656 and $1,713. The recovery eases immediate pressure, but the price remains inside a broader downtrend, with no signal yet of a lasting reversal.

Rebound stays below key resistance

The latest rally started close to the recent low, not after a clear breakout above resistance. That suggests a corrective move while Ethereum stays below the descending structure that has controlled price since April. The first short-term barrier stands at $1,700 to $1,715.

A daily close above that zone might let buyers target $1,875, then the wider resistance range from $1,900 to $2,000. Ethereum would need to hold above those levels to suggest improvement in market structure. Immediate support is near $1,650. Below it, traders watch $1,580, $1,540, and the June low around $1,505. Volume reached nearly 100,260 ETH during the decline, showing strong participation.

MACD and Aroon still show bearish structure

Ethereum’s MACD line remains below its signal line, at roughly -141.09 versus -118.04. The histogram stays negative at about -23.05, indicating that downside momentum has not faded completely. A bullish change would require the MACD line to turn up and cross above the signal line. A shrinking negative histogram could provide an early sign of weakening selling pressure, but current readings do not confirm that yet.

The Aroon Oscillator sits at -78.57, showing that Ethereum has recorded recent lows more often than recent highs. That supports the view that sellers still control the wider structure despite the bounce from $1,500. These indicators do not set a precise bottom. Ethereum might still produce a relief rally from oversold conditions, but buyers need higher lows and a break above resistance to change the trend reading.

$1,500 level separates recovery from deeper losses

Analyst Ash Crypto compared the current chart with Ethereum’s June 2022 breakdown. Back then, Ethereum fell to $880 before beginning a long recovery. He noted that ETH has now dropped about 68% from its August 2025 peak near $4,953. He said that if ETH holds $1,500, this could play out similarly to June 2022. He also warned that a weekly close below $1,500 could leave the market without clear support until the $1,000 region.

Ali Martinez offered a more positive long-term view. He said Ethereum trading below the 0.8 market-value-to-realized-value pricing band has historically marked an accumulation area. He also reported a TD Sequential buy signal about two days ago, which can point to seller exhaustion but does not guarantee a reversal.

BitMine accumulation contrasts with weak ETF demand

BitMine Immersion Technologies bought 126,971 ETH during the latest weekly decline, its largest weekly purchase of 2026. The acquisition raised its holdings to 5,543,872 ETH, about 4.59% of Ethereum’s estimated supply. The company valued its ETH position near $9.04 billion using a reference price of $1,630. It also reported that 4,718,677 ETH remained staked. Chairman Tom Lee said annualized staking revenue had reached a projected $230 million.

BitMine’s purchase adds corporate demand, but exchange-traded fund flows remain weak. U.S. spot Ethereum ETFs recorded about $540 million in outflows during May and another $168 million in early June. However, the funds recorded $82.37 million in daily net inflows on June 8, lifting cumulative inflows to $11.28 billion and total net assets to $9.36 billion.

On-chain profitability also stays strained. Only about 11% of Ethereum’s supply held a threefold profit, the lowest share since February 2017. That reading may signal capitulation, but it also means holders have less profit protection if prices fall again.

Ethereum now needs to hold $1,650 and clear $1,715 to extend the rebound. A stronger recovery would require a move through $1,900 and $2,000. Failure to defend $1,500 on a weekly close would bring the $1,000 to $1,100 region back into view.

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