Ethereum’s price dropped 12% over the past week, sliding to roughly $1,626 as of June 9, according to market data. The selloff pushed the token’s social sentiment into extreme fear territory, with Santiment’s positive-to-negative ratio hitting 1.09 — its lowest reading since April 2026. That’s a sharp reversal from the greed-fueled highs above $2,400 that Santiment flagged as an optimal sell point just six weeks ago.
Fear as a contrary signal
Historically, extreme fear readings on Santiment have often preceded price rebounds. In June 2022, for example, Ethereum bottomed near $880 just as sentiment hit similar depths, then recovered over the following months. But the current setup isn’t a clean replay. While the ratio is low, analyst Ardi notes that ETH has typically only found a durable floor after its weekly relative strength index drops below 30 for consecutive weeks. That hasn’t happened yet, even with the price now below $1,700.
Technical levels under pressure
Ethereum broke below its weekly 200-day moving average of $2,471 during the latest slide — a level that often serves as a long-term trend gauge. With that band now acting as resistance, traders are watching $1,500 as the next major support. A breach there could open the door to deeper losses. In previous bear markets, ETH has fallen 63% (2018) and 65% (2022) after entering oversold RSI territory.
ETF outflows add weight
Ethereum spot ETFs have recorded outflows for four consecutive weeks. May saw a net distribution of -260,000 ETH, reversing April’s accumulation of +140,000 ETH. The shift shows institutional appetite cooling along with the broader market sentiment. That’s a headwind for any near-term recovery, especially with macro uncertainty still lingering.
The extreme fear reading doesn’t guarantee a bottom — the technical and fund-flow signals suggest the pain might not be over. The next concrete test is whether Ethereum can hold $1,500, and whether weekly RSI finally dips into oversold territory for multiple weeks, as it has in past cycle lows.
