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Key Takeaways
- Ethereum bounced from a $1,500 liquidity sweep on June 15 but remains capped by a descending trendline near $1,700, with $2,282 as the first meaningful resistance above
- Michael Saylor cited Bitcoin’s dominance rising from 41% to nearly 70% as evidence the market has chosen Bitcoin over ETH, which he says is now trapped in a losing competition with Solana and BNB
- Analyst Ali Charts flagged $1,069 as critical multi-year channel support aligned with the 2022 bear market floor, representing a 36% decline from current levels if $1,500 breaks
Ethereum was trading at $1,664 on June 15, bouncing from a liquidity sweep that bottomed near $1,500 earlier this month, as Michael Saylor declared at a public event that investor confidence in ETH has collapsed and a chart analyst identified $1,069 as a critical multi-year support level.
ETH Daily Chart Shows Liquidity Sweep Below $1,500 With Resistance Near $1,700
The daily chart shows a liquidity sweep below $1,500 followed by a recovery attempt pressing against a descending trendline near $1,700. The current candle range runs from a high of $1,800 to a low of $1,500, defining the immediate battle zone. A daily close above $1,700 would be required to break the short-term downtrend that has capped every recovery attempt since the June decline began.
Above current price, $2,282 marks the first meaningful resistance level from the weekly structure, followed by $3,335. To the downside, $1,500 represents the candle range low, with $1,069 identified as multi-year channel support.
Saylor Cited Bitcoin Dominance Rising From 41% to Nearly 70% at Bitcoin Corporate Day Event
Speaking at the Bitcoin Corporate Day event on June 12, Michael Saylor stated that investor confidence in Ethereum has collapsed. He pointed to Bitcoin’s dominance climbing from roughly 41% in 2021 to nearly 70% today, excluding stablecoins, as evidence that the market has made its choice.
Saylor argued that ETH is now locked in an exhausting competition with Solana and BNB that has drained their monetary premium entirely, leaving utility as the only remaining value argument. The statements came while ETH traded at its lowest level since 2023 and has underperformed Bitcoin year-to-date.
Ali Charts Flags $1,069 as a Multi-Year Channel Support That Aligns With the 2022 Bear Market Floor
Analyst Ali Charts identified $1,069 as one of the best buying opportunities on the ETH chart, based on a multi-year channel pattern. That level aligns with the 2022 bear market floor that preceded ETH’s recovery toward $4,868.
A revisit of $1,069 would represent a 36% decline from current levels and would require the candle range low at $1,500 to give way first. Ali Charts presented the level not as a base case but as a defined zone with historical significance across multiple market cycles.
Short Liquidations Topped $43 Million Over 24 Hours as Options Volume More Than Doubled
ETH derivatives data showed volume rising 75.75% to $27.60 billion, while open interest climbed 6.61% to $24.49 billion. Options volume more than doubled, up 100.59% to $765.17 million, pointing to traders positioning for a defined move.
The long/short ratio stood at 1.0305, nearly neutral. Over the same 24-hour period, $43.46 million in short positions were liquidated against $17.62 million in longs, with bears absorbing more than twice the losses of bulls.
