Ethereum crash fears grew this week as ETH fell 5% to $1,577 within 24 hours. The decline came as traders reacted to weaker technical signals and macro pressure. Ether dropped major support as the wider crypto market tumbled 2.69% to 2.1 trillion.
The selloff was also based on the stronger U.S. jobs data that revived fears of a tightening of Federal Reserve policy. Those fears drove investors out of risk assets such as large cryptocurrencies.
The situation in the market was aggravated as Bitcoin liquidations had reached over $407 million within a day. The forced selling dragged sentiment lower and pushed the Fear and Greed Index to 13. This reading put the market in a state of extreme fear and made the market more cautious in Ethereum and other altcoins.
Joseph Lubin Wallet Transfer Raises Market Concerns
The big Ethereum transfer was another negative indicator to traders keeping an eye on ETH in the month. On-chain trackers had a wallet associated with Joseph Lubin transacting 80,001 ETH. It was transferred at a price of over 121 million.
Is #Ethereum co-founder Joseph Lubin(@ethereumJoseph) preparing to dump $ETH?
A wallet linked to Joseph Lubin, which holds 243,300 $ETH($370M), transferred out 80,001 $ETH($121.6M) after more than 3 years of inactivity.https://t.co/s6lzxlNpRy pic.twitter.com/f0hyWvQBAm
— Lookonchain (@lookonchain) June 6, 2026
The wallet was said to have been inactive more than three years prior to the movement. That time roused questions on the potential selling pressure of a large Ethereum-linked address. The transfer left the wallet with approximately 243,300 ETH, which was approximately worth 370 million.
Ethereum Crash Warning as Analyst Targets $1,070 Price Level
According to Crypto analyst Ali Martinez, Ethereum has hit his first price downside target of about 1,560. Analyst now sees $1,070 as the next key level on the weekly chart. ETH was trading around 1,549, which is below the key resistance of 2,282.
Ethereum $ETH hit my first target at $1,560.
Next target: $1,070. https://t.co/y2d2xpG320 pic.twitter.com/Ai8GRK6k9o
— Ali Charts (@alicharts) June 6, 2026
The issue of Ethereum crash has been on the increase as bulls are not able to take control again. A shift to $1,070 may put long-term demand to the test and damage sentiment. However, a rebound above $2,282 may ease bearish pressure. Further recovery may be experienced in case the buying volumes resume in the near future.
How Low Can Ethereum Price Go in June?
At the time of the reporting, the ETH price traded almost at $1,586, having recovered after touching an important support zone at about 1,500. Ether is still squeaking despite a small increase in recent lows.
The Relative Strength Index is still over sold at 20 indicating that selling pressure is possibly subsiding.
In the meantime, the MACD is solidly in the negative. The indicator indicates that the MACD line is below the signal line, an indication of the further downside momentum.
Still, in case of the momentum of the buyers, Ethereum crash might break the first resistance point of about $1,600.
Breaking out of this area can break the way to $1,700 as per ETH long-term prediction. Additional momentum might drive ETH towards the big resistance area of about $1,800, which coincides with past support levels.
On the negative side, failure to support above $1,550 might open it to new selling pressure. The initial support is still at $1,500. Any falling short of this could hasten the losses to $1,450. A prolonged weakness might bring Ethereum to a further fall to a level of $1,350.