As of June 3, 2026, ETH is going through a highly turbulent period, mainly driven by macro conditions and institutional fund activity.

· Price falls below key psychological level: Affected by geopolitical tensions and macroeconomic uncertainty, the entire cryptocurrency market is declining across the board. ETH’s price fell below $1,900, and briefly dipped to the March low of $1,837.93; it is now down more than 62% from its all-time high of $4,878.26.
· Ongoing outflow of institutional funds: Market sentiment is directly impacted by institutions “voting with their feet.” The US spot Ethereum ETF has seen net outflows for the third consecutive week. Among them, net outflows in May alone reached as much as $401 million, and recent single-day outflows have also hit $257.3 million. Leading funds such as BlackRock and Fidelity are among the main sellers.
· Macro and derivatives signals skew bearish: Geopolitical conflicts have triggered risk-averse sentiment, putting pressure on the overall crypto market. At the same time, market liquidity remains tight, and ETH’s 2% market depth has dropped to a multi-month low. Options market data also shows that the biggest pain point for contracts expiring in early June is located below $2,000, which may further intensify market volatility.

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