Ethereum has confirmed a classic death cross on its weekly chart, a technical signal that has historically preceded sharp declines. This raises concerns of further downside in a market already strained by exchange-traded fund (ETF) outflows and whale activity. With prices hovering near recent lows around $1,500, investors are questioning whether sub-$1,000 ETH could materialize over the coming weeks or months.
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Ether’s “Death Cross” Projects Drop to $750
The ETH/USD price action has confirmed a bearish signal where shorter-term momentum decisively undercuts longer-term trends.
The chart below shows that the fast moving 50-day exponential moving average (EMA) has crossed below the lagging 200-day EMA in the weekly time frame. This setup often confirms a weakening technical structure, with ETH trading below key exponential moving averages.
The last time this happened was in March 2020, preceding additional losses exceeding 60% as the asset plunged amid broader market turmoil fueled by the Covid-19 pandemic.
ETH/USD weekly chart. Source: TradingView
ETH is currently struggling below the 50-week and 200-week averages, with relative strength indicators hovering in oversold but not yet reversing territory.
The chart also highlights a bear flag confirmation in play and volume profile weaknesses, projecting potential support zones much lower.
If selling pressure persists, a move from recent breakdown levels could bring the measured target of the bear flag at $1,150 into the picture. Meanwhile, if a similar drop to the one witnessed in 2022 occurs, the ETH/USD pair could drop as much as 60% from the current price toward $750.
Technical analysts and on-chain observers emphasize that death crosses, while lagging, have high follow-through in trending markets. One prominent voice noted the alignment of multiple timeframes turning bearish, warning that reclaiming overhead resistance near $1,600 and a bullish divergence from the RSI would confirm a macro bottom.
Ether’s weekly outlook is bearish with an “active death cross and oversold stochastic RSI making it bearish in all time frames,” analyst TOMAW135 said in a Monday post on X, adding:
“Don't bottom pick until RSI bullish divergence or a $1,675 reclaim.”
This technical fragility suggests extended consolidation or further declines over the next several weeks unless broader risk sentiment improves dramatically
Whales Dump $880M ETH as Spot ETFs Bleed for Eight Straight Days
Selling pressure intensified as large holders offloaded substantial positions. According to analyst Ali Charts, Ethereum whales sold roughly 550,000 ETH in one week, injecting approximately $880 million in supply. This distribution pushed prices below immediate support at $1,633, with the market now testing critical volume nodes.
“The market is now testing critical volume support at $1,583,” the analyst said in a recent post on X.
According to Ethers’ UTXO realized price distribution (URPD) data, “failing to hold the $1,584 baseline opens a clean path for extended liquidations,” Ali Charts, explained, adding:
“If this distribution trend continues into next week, the next high-volume demand targets for $ETH sit much lower at $1,237 and $1,089.”
ETH URPD - All-time high partitioned. Source: Glassnode
The dump coincides with persistent outflows from U.S. spot Ether ETFs, which have recorded eight consecutive days of redemptions, totaling $345 million. Approximately $30 million exited these investment products on Monday amid broader crypto ETF weakness, compounding negative sentiment. Institutional flight signals reduced conviction, as these vehicles previously provided steady buying support.
Spot Ethereum ETFs. Source: SoSoValue
Experts tracking on-chain metrics point to increased exchange inflows from whale wallets, often a precursor to further distribution. Combined with ETF bleeding, this creates a supply overhang that retail buyers struggle to absorb.
Meanwhile, Ethereum treasury firm BitMine Immersion slowed the pace of its accumulation of the top altcoin following increased weakness across the crypto market.
The Tom Lee-led firm purchased 27,084 ETH last week, increasing its total holdings to 5.7 million ETH worth $9.22 billion at the time of writing. Last week's purchase represents its fourth-lowest so far this year.
"This past week was a challenging one for crypto investors as ETH fell by 8%, even as Ethereum witnessed notable positive developments such as the creation of Ethlabs, and even the Bank of England softened its stance around stablecoins," said BitMine Chairman Thomas Lee in a Monday statement, adding:
“We are nearing quarter-end for June, and it is not surprising to see ‘window dressing’ leading to investors reducing their holdings in assets which have fallen in the past 3 months.”
Source: Bitmine
My Take on Ethereum
Therefore, Ethereum’s confirmed death cross, combined with heavy whale distribution and sustained ETF outflows, paints a challenging near-term picture. While history shows crypto assets eventually recover, the immediate path of least resistance appears lower, with $1,500 as the critical battleground.
A drop toward sub-$1,000 remains a plausible scenario if support levels fail, though oversold conditions could spark relief rallies. Investors should monitor volume at key levels and broader market risk appetite closely. This environment demands caution, as further losses of 30–60% cannot be ruled out based on precedent.
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