Ethereum is down 3% in one day to $1,618.28. The rest of crypto is weak too. Investors are reacting to a stronger-than-expected US jobs report for May. That made people think the Fed may keep interest rates higher for longer. 

Bond yields went up. The Bitcoin price fell 2.4%. Total crypto market value dropped 2.2%. Ethereum moved down right along with Bitcoin. So this sell-off was mostly about the bigger economy, not something wrong with Ethereum itself.

Also, over $468 million in leveraged crypto positions got wiped out in the past day. That includes $331 million in long bets. All that forced selling added pressure on the ETH price and made the drop worse.

Ethereum Network Usage Reaches Record Levels

The price looks weak. But what is happening under the hood tells a different story.

Leon Waidmann, an expert crypto analyst, mentioned that the current active Ethereum address numbers are near all-time high levels. At the peak of the 2018 rally, Ethereum used to have close to 720,000 active addresses on a daily basis.

During the peak of the 2021 bull market rally, active addresses increased to 800,000. Daily active addresses exceeded 1 million during both 2025 and 2026.

So Ethereum has more real people using it today than it did at the last two major market tops. Yet the ETH price is still near multi-year lows compared to those times.

This imbalance between network usage and market valuation has become a major topic of discussion within the Ethereum investment community. Usage of the network continues to grow due to stablecoin trading, the adoption of Layer-2 solutions, DeFi, and tokenized assets.

News Pushing Ethereum Price Today

One of the biggest things to happen came from Coinbase. On June 10, they launched Coinbase Payments. The platform puts stablecoin issuance, on-chain settlements, custody, and fiat conversion into one API for businesses. 

Coinbase handles about $1 trillion in stablecoin volume every year and has over 80 international licenses. Easier payment options could boost activity on Ethereum and Coinbase’s Base network.

Big money interest also got a lift after CME Group launched Nasdaq CME Crypto Index Futures. The product settles in cash and tracks eight major cryptocurrencies, including Ethereum. The new futures give institutions a regulated way to get crypto exposure and hedge their portfolios without holding digital coins directly.

Another notable move came from Bitmine Immersion Technologies, the company run by Tom Lee. They bought 75,000 ETH worth about $123 million on June 9. Their known holdings are now over 5.4 million ETH as they push toward owning more than 5% of all Ethereum supply. When big players stack up during a market drop, people usually see it as a bet that demand will come back.

Related Ethereum News: Ethereum Price Prediction for June 2026 – Can ETH Hold $1.9K?

Ethereum Chart Analysis and Price Prediction

We looked at the chart. The trend is still down. The ETH price fell from above $2,100 down to near $1,600. It has been a series of lower highs and lower lows. Sellers are still in control, though the drop has slowed down in the last few sessions.

The momentum numbers show some signs of calming down. The stochastic oscillator has dropped into oversold territory near 20. That often comes before short-term bounces. The Ultimate Oscillator is still below 50, which means buyers have not gotten their strength back yet.

For the ETH price, immediate support is around $1,550. Buyers stepped in there during the latest sell-off. If that level breaks, Ethereum could test the $1,500 area next. 

On the upside, a move back above $1,650 could open the door to $1,700 and maybe $1,750 if the broader market gets better. A lot depends on the US inflation report due June 12. That number could change expectations for the Fed’s next move.

However, the Ethereum price is still getting pushed around by a shaky economy and too much borrowed money in the system. But here is the thing. Network activity is now higher than it was at the peaks of the 2018 and 2021 bull runs. 

People are still using Ethereum, even while the price is low. If the market ever settles down, that split between heavy usage and a weak price could end up being a big story for Ethereum in the coming months.

Frequently Asked Questions

What makes Ethereum different from Bitcoin

Bitcoin is mainly a store of value, while Ethereum is built for smart contracts and applications like DeFi, NFTs, and tokenized assets.

How do Ethereum upgrades impact the ETH price

Major upgrades like Glamsterdam and Hegotá aim to improve scalability and performance. If successful, they can increase network usage and long-term demand for ETH.

Will Ethereum hit $10,000

Ethereum reaching $10,000 is possible, but most analysts view it as a longer-term target rather than something likely in the near future. For ETH to reach that level, it would need much stronger institutional demand, continued growth in network usage, and a favorable macroeconomic environment.