$1,670 ETH, are you going to buy the dip?

The foundation laid off 54 people, cut the budget by 40%, and the price halved from $3,800 to $1,670—yet BitMine just bought nearly 5% of the entire network's ETH.

Down 7.5% in a week, 21% in January, 31% in a year.

In the 2022 bear market, ETH dropped from $4,800 to $880, three times worse than now.

And then? It rose to over $4,000.

First thing: the foundation laid off staff, the market misinterpreted it

Yesterday (June 23), the Ethereum Foundation announced layoffs of 54 people, with a 40% budget cut.

As soon as the news broke, everyone was shouting: "ETH is doomed!"

The price plummeted from $1,730 directly to $1,640.

Vitalik personally came out and said—it's not a lack of funds, but a shift to an "endowment model," spending only 5% of the treasury annually, aiming for sustainability by 2030.

Previously it was "burning money to expand," now it's "streamlining and reducing staff."

Second thing: what are smart money doing?

BitMine (under Tom Lee) continues to buy ETH heavily, now holding nearly 5% of the entire network.

An institution holding 5% of all ETH—what does that mean?

And big institutions like BlackRock, although ETF outflows occurred, in April they had 10 consecutive days of inflows totaling over $600 million.

Institutions aren’t fleeing—they’re slowly accumulating at the bottom.

Third thing: a technical signal appears

Daily chart shows price oscillating in the 1600-1700 range, sideways for nearly two weeks.

Below 1620-1650 is a strong demand zone, repeatedly defended.

RSI is neutral, not oversold—indicating selling pressure is waning.

Volume shrinks during pullbacks, not panic selling.

Short-term resistance at 1730-1750; as long as volume breaks above, the rebound target is directly at 1845-1900.

But if 1620 breaks down, the next support is 1530 or even lower.

Bull-bear showdown, you decide.

One side (bears say it’s grim now):

Foundation layoffs 20%, budget cut 40%

Down 31% in a year, from $3,800 to $1,670

Fed hawkish, interest rate at 3.75%, possible rate hikes later this year

U.S. Treasury yields at 4.4%, funds not flowing into risk assets

ETH/BTC ratio hitting new lows

The other side (bulls say opportunity is here):

BitMine holds nearly 5% of all ETH, actively buying with real money

Foundation restructuring is "long-termism," not a "death signal"

1650-1620 is a historical demand zone, repeatedly defended

ETF long-term trend remains, institutions are adopting slowly but surely

Vitalik personally set the tone, core development hasn't stopped

Key levels:

Upper resistance: 1700 → 1730-1750 → 1845 → 1900-2000

Lower support: 1650 → 1620 → 1580 → 1530

Short-term traders:

Lightly buy in the 1650-1670 range, stop-loss at 1620

First target: take half at 1700-1720

Break above 1730 with volume, chase longs, stop-loss at 1700, target 1845-1900

Swing traders:

Wait for daily close above 1730 before entering

Use trailing stop to hold, target 2000-2200

Don’t get shaken out by manipulation, but stop-loss below 1620

Long-term believers:

Invest blindly below 1650, buy more as it dips

You didn’t dare buy ETH at 880 in 2022, but in 2024 you’ll kick yourself at 4000

This time at 1670, you decide

But remember—don’t exceed 30% of your total position, keep cash for black swans

The safest strategy:

Wait.

Wait for next week’s inflation data, wait for Fed tone to shift, wait for BTC to stabilize at 65,000.

Right-side trading always beats bottom-fishing on the left.

ETH now looks a lot like late 2022 at $880—

99% of people thought "this time is different, ETH is going to zero."

But in 2024, it hit over $4,000, and those who sold in panic never got back in.

$1,670—are you telling me ETH is finished?

Ethereum’s greatest strength isn’t that it never falls,

but that every time you think it’s dead, it comes back stronger.

This time, it’s the same. #0成本拿2股SK海力士 #Gate股票7x24小时交易 #我的Gate交易时刻 $ETH $SOL $BTC