➡️ Ethereum tests $1,500 support as ETF selling and whale losses mount, will it crash?

🔖 Ethereum has extended its weekly decline as a multi-billion-dollar options expiry, institutional selling, and a hawkish Federal Reserve outlook have driven the token back toward its key $1,500 support. According to data from cryptonews, Ethereum fell about 7% to an intraday low of $1,517 on June 26 before stabilizing around $1,550 at press time. The asset has dropped nearly 14.4% from its June 22 high of $1,773.

‼️ The selloff gathered pace after Ethereum lost its 200-day moving average near $1,668, triggering a wave of leveraged long liquidations.

📊 Meanwhile, U.S. spot Ethereum ETFs recorded roughly $260 million in net outflows this week, a sharp jump from the previous weeks, as institutional investors reduced exposure ahead of expectations for three Federal Reserve rate hikes this year. Additional pressure emerged after the Ethereum Foundation announced a 20% workforce reduction and a 40% cut to its operating budget.