Ethereum and Bitcoin's mid-term downtrend has lasted for 8 months.

It has now reached the end of the mid-term decline, and attention should be paid to the formation of a consolidation bottom structure.
After the consolidation bottom is formed, the market will also enter a mid-term rebound trend;
On the daily chart: after five days of decline last week, a rebound started over the weekend to Monday, but all reached resistance levels, and a rapid decline occurred last night.
It is expected that after a rebound during the day, the decline will continue.
The main resistance for Bitcoin's rebound is around 64,800, with a turning point at 65,600, and the immediate support is seen around 62,000.
This week, focus should be on the 62,000–61,000 range.
If this range is not broken this week, the mid-term rebound will be triggered.
Today, $ETH experienced a major plunge, and the next few hours are filled with critical events.
Watch for ETH: 1560–1580.
BTC broke below earlier than ETH.
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 following passively.
OP price plummeted 12% in a single day, and Arbitrum ecosystem TVL decreased by 3.7% over 24 hours;
Investors realize that Layer 2 is not an “extension of Ethereum,” but an independent legal entity;
If OP/ARB is classified as a security, the entire Layer 2 economic model will need to be reconstructed;
ETH’s “scalability premium” (which once accounted for over 30% of valuation) instantly dropped to zero → valuation center shifted downward by about $150–200.
Breaking below 1650 is not just a “technical correction,” but an inevitable result of macro pricing, ecosystem narrative, and market structure failures.
1650 is the “last line of defense” for the narrative; once lost, the market will revalue ETH using traditional asset logic—namely:
“A smart contract platform with no stable cash flow, unclear regulation, and deteriorating staking economics,”
whose reasonable valuation center has been revised downward from 1800–2000 to the 1500–1600 range.