Ethereum has had a rough month. ETH is down 12.5% over the past 30 days, making it the worst performer among the top 5 cryptocurrencies.
While other altcoins like BNB and Hyperliquid have gained attention from new ETF launches in the US, Ethereum has struggled to keep pace.
The price is currently hovering just below $2,010, trading under the 100-hourly Simple Moving Average. A bullish trend line at $2,015 has already been broken on the hourly chart.
ETH briefly dipped to $1,965 before a small recovery attempt. However, bears pushed the price back below $2,020, and momentum remains in their favor.
The daily RSI has dropped to 32, close to oversold territory but not quite there yet. A clean break below $2,000 could open the door to further losses.
History is not on ETH’s side this month. According to CoinGlass data, Ethereum has closed June in the red in 7 out of the last 10 years. Those losses ranged from 1.5% to 45%.
Based on these patterns, a move toward $1,800 looks increasingly likely if the $2,000 floor gives way.
Key downside levels to watch are $1,965, then $1,920, then $1,850. The main support zone sits around $1,780.
Analyst Ali Charts noted on X that ETH is approaching the bottom of its current channel near $1,825. He said that level could offer a good risk-reward entry, with upside targets of $2,073 and $2,360, provided the price holds above $1,750 on a daily close.
Ethereum $ETH is approaching the bottom of its channel near $1,825.
That area could offer a favorable risk-reward entry targeting $2,073 and $2,360, as long as price remains above $1,750 on a daily closing basis. https://t.co/LNkygeXO5n pic.twitter.com/RNLrZCiOQy
— Ali Charts (@alicharts) May 31, 2026
Despite the price weakness, open interest in ETH futures climbed to a new all-time high of 15.98 million ETH on May 27, according to CoinGlass.
Measured in ETH terms rather than dollars, this removes the distortion caused by price moves. It suggests traders are actively positioning for a large move ahead.
The weekly RSI has also dipped below 30. The last three times this happened, ETH posted strong gains in the 6 to 12 months that followed.
For bulls to regain control in the short term, ETH needs to break above $2,050. A move past that level could push prices toward $2,085, then $2,120, and potentially $2,150.
For now, ETH is trading below $2,010 with the next key test sitting at the $1,965 support level.
The post Ethereum (ETH) Price: History Points to $1,800 Drop Before the Next Bull Run appeared first on CoinCentral.
