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As of June 22, 2026, Ethereum (ETH) remains in a deep bear market. Its price has plummeted approximately 63% from the mid-2025 all-time high of $5,000, and has declined about 32% since the beginning of the year, significantly underperforming Bitcoin's -11%. The ETH/BTC ratio has fallen to 0.027, the lowest since early 2023.
Currently, ETH is struggling to defend the $1,700 level, facing strong resistance at $1,850. If it loses the $1,700 support, it could drop to $1,620 or even $1,500.
Multiple bearish factors are weighing down the market: Coinbase premium index has turned negative, indicating accelerated selling by US investors; spot ETF net outflows have continued for 17 days; the Ethereum Foundation has revealed a $30 million funding shortfall, risking the loss of core developers; the Glamsterdam upgrade, delayed from June, has been postponed to Q3.
Potential catalysts include the Q3 Glamsterdam upgrade, which could significantly improve network performance; if the US CLARITY Act passes, it could benefit institutional participation.
Two charts to watch:
1. ETH/USDT daily candlestick chart (TradingView), to observe support at $1,700 and moving average alignment
2. ETH/BTC exchange rate chart, to monitor whether funds are flowing back into Ethereum
⚠ The above analysis is based on public market data and does not constitute investment advice. Cryptocurrency trading carries high risks; please exercise caution.