Today $ETH experienced a major plunge, and the next few hours are even more critical with continuous key events. Watch ETH: 1560–1580

BTC broke below ETH first
On June 21, BTC fell below $63,500 (20-day moving average), triggering a strengthening of cross-asset correlation (ETH/BTC from 0.0275 to 0.0268), with ETH passively following.
OP price plummeted 12% in a single day, Arbitrum ecosystem TVL decreased 3.7% over 24 hours;
Investors realize: L2 is not an “extension of Ethereum,” but an independent legal entity; if OP/ARB is classified as a security, the entire Layer2 economic model must be reconstructed;
ETH’s “scalability premium” (which once accounted for over 30% of valuation) instantly drops to zero → valuation center shifts downward by about $150–200.
ETH breaking below 1650 is not a “technical correction,” but an inevitable result of macro pricing, ecosystem narrative, and market structure failures in a triple system; 1650 is the “last line of narrative defense,” once lost, the market will revalue ETH using traditional asset logic—namely:
“An smart contract platform without stable cash flow, with unclear regulation, and deteriorating staking economics,” its reasonable valuation center has been revised downward from 1800–2000 to the 1500–1600 range.