Ethereum (ETH) is weakening, is it a good time to sell? This is what analysts say! (6/3/25)

Jakarta, Pintu News – Ethereum (ETH) has experienced a sharp decline of 13.8% in the past week, now perched at the critical support level of $2,000. The digital currency’s weekly Relative Strength Index (RSI) hit a 3-year low, raising fears of even greater selling pressure in the future.

Ethereum RSI: Lowest Point in Years

Trade tariffs imposed by US President Donald Trump on Canada and Mexico have come into effect today, sparking fears of an impending recession. The latest data from Kalshi shows the probability of a recession in 2025 is 39%.

The crypto market as a whole has also felt the impact of these tariffs, with total market capitalization dropping from $3.7 trillion on December 14 to $2.8 trillion today. Major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) have been significantly impacted, dropping 7.1% and 8.9% respectively in the last 24 hours.

Also Read: Arbitrum (ARB) Surges After Robinhood Entry: What Will Happen Next?

Ethereum and Bitcoin Performance Comparison

Unlike Bitcoin (BTC), which recorded several new record highs in 2024, Ethereum (ETH) has struggled since its peak of $4,878 in November 2021. Over the past year, Ethereum (ETH) has declined by 41.6%, while Bitcoin (BTC) rose by 26%.

The latest crypto market decline adds to the challenges for Ethereum (ETH), taking it down to the $2,000 psychological level. Crypto analyst Jesse Olson noted that the intense selling pressure has pushed Ethereum’s (ETH) weekly RSI to 35.87, the lowest reading since May 2022.

Basic Potential and Recommendations for Ethereum

Olson further explained that the bottom had not been reached in May 2022, as Ethereum (ETH) subsequently fell another 60%. If Ethereum (ETH) follows a similar pattern, it could fall another 60% from $2,000, potentially reaching around $800.

However, some analysts remain optimistic that Ethereum (ETH) is nearing its bottom and could soon resume its uptrend. In a post on X, a crypto analyst commented that Ethereum (ETH) is currently retesting the 21-Day EMA on the 3-Month chart. Ethereum (ETH) has never closed a candle below this level before.

Conclusion

Despite increased macroeconomic uncertainty due to Trump’s trade tariffs, there is still hope for the second-largest cryptocurrency, as a recent analysis found that Ethereum (ETH) balances on exchanges have dropped to their lowest point in 9 years, reinforcing the narrative of scarce supply of this digital asset. Currently, Ethereum (ETH) is trading at $2,126, down 8.9% in the last 24 hours.

Also Read: Binance Attracts Investors After Bybit Hack, Funds Flow Increases Sharply!

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Trading crypto carries high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying andselling Bitcoin and other crypto asset investments are the responsibility of the reader.

Reference

• NewsBTC. Ethereum Weekly RSI Drops to Lowest Level Since May 2022, More Selling Pressure Ahead. Accessed on March 6, 2025
• Featured Image: OneSafe