Where Is ETH’s Bottom After $1.1 Billion Liquidated?

On June 4, the crypto market saw a brutal wipeout. ETH fell 5.58% over 24 hours, with the low touching $1,734 and breaking below the $1,800 level; BTC was also under simultaneous pressure, dropping below $63,000. The total liquidation across the entire network exceeded $1.1 billion, severely hurting longs. In the face of such conditions, everyone is asking: where exactly is ETH’s bottom?

From a technical perspective, ETH has already broken below the important psychological support at $1,800. The first key support below is at $1,700—an area of lows that was tested multiple times between November 2025 and February 2026. Chips are concentrated there, and buying interest is relatively strong. If $1,700 is effectively broken, the next support will be pushed down to the $1,550–$1,600 range.

From on-chain data, the main driver behind this selloff is the targeted liquidation of leveraged longs. Before the decline, ETH contract open interest was at a historical high, while the funding rate remained consistently positive and market sentiment was overly optimistic. The massive selloff on June 4 led to the forced liquidation of a large number of longs, causing open interest to drop significantly and leverage to return to healthy levels. Historically, this kind of “deleveraging” decline often forms the process of a mid-term bottom.

From a macro perspective, the delay in Federal Reserve rate-cut expectations and the rise in U.S. Treasury yields have indeed created pressure on risk assets. But ETH’s fundamentals have not been damaged—Layer2 adoption continues to grow, the RWA track is still expanding, and expectations for spot ETFs have not disappeared. The current decline is more a resonance of sentiment and liquidity than a structural reversal.

Putting it all together, I believe ETH still has room for short-term downside momentum, but strong buying support will likely appear around the $1,700 area. The medium-term outlook depends on whether BTC can stabilize above $62,000 and whether macro sentiment improves. If, in the coming week, ETH can reclaim $1,800, then the bottom is basically confirmed; if it continues to trade in a range between $1,700 and $1,750, then more patience is needed.

My trading strategy: place buy orders for ETH spot in the $1,700–$1,750 range with 10% of the position. Add to the position once every $100 drop, with a maximum total add-on of 30% of total funds. At the same time, closely monitor changes in ETH exchange inventory—if there are consecutive large net outflows (whale withdrawals), that is a more reliable bottom signal. Don’t try to guess the bottom—test it in batches.

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