ETH prices dropped to $1,720 on Coinbase in early trading Thursday morning, according to TradingView — the lowest level since April 2025. Although Ether briefly fell as low as $1,400 back then, that area could act as a support zone if prices continue to slide. At the time of writing, the asset had recovered to about $1,800 but remains roughly 64% below its August peak.
Textbook Late-Cycle Capitulation
Andri Fauzan Adziima, research lead at Bitrue Research Institute, told CryptoPotato that Ethereum’s slide to these multi-month lows around $1,800 presents a “screaming buy-the-dip opportunity right now.” He attributed the drop primarily to macro risk-off behavior — rising yields, US‑Iran tensions, and broader market uncertainty — which has pushed investors toward perceived safe havens, including certain AI stocks.
Despite the price weakness, several on-chain and ecosystem indicators remain strong. About 32.5% of ETH supply is staked, DeFi total value locked (TVL) has held around $39 billion, network usage remains robust, and institutional accumulation continues, Adziima said. Those factors, he argued, mean the fundamentals are solid even as prices retrace.
“This is textbook late-cycle capitulation, flushing weak hands while the ecosystem advances.”
Macro outlet Milk Road reported that its lead analyst liquidated his remaining ETH, citing a flat long-term price outlook as the reason. Other market observers pushed back, arguing that ETH will either scale to a vastly larger market or eventually fail — they see little chance of it languishing indefinitely in a $200–300 billion market-cap range.
Leon Waidmann, head of research at Lisk, also remained bullish based on on-chain metrics. He pointed to ETH balances on exchanges falling to multi-year lows, staking rates reaching all-time highs, and transaction counts peaking — signs he interprets as accumulation rather than distribution.
“Holders aren’t selling. They’re accumulating and committing. Price follows sentiment short term. Onchain follows behavior. Right now they point in opposite directions.”
ETH price is stuck near $1.9K. Everyone’s bearish.
The onchain data tells the opposite story! 📊
🔹 ETH on exchanges: crashing to ~15.1M (multi-year low)
🔹 Staking rate: fresh ALL-TIME HIGH at 32.42%
🔹 Transactions: ALL-TIME HIGHLess ETH on exchanges = less supply to sell.… pic.twitter.com/OVf1ryQSyO
— Leon Waidmann (@LeonWaidmann) June 3, 2026
Crypto Market Cap Down Another $100B
Ether is not the only crypto seeing losses. Global crypto market capitalization declined another $100 billion, dropping roughly 4% to about $2.3 trillion. Bitcoin tumbled to an intraday low around $61,500 on Thursday morning, a level near its February 6 bottom. Other major tokens, including BNB, Solana, Cardano, and Stellar, experienced larger declines as the market continued to flush out weaker positions.