Ether Price Drops to $2,418 Amid Broader Crypto Market Selloff
On July 1, the price of Ether (ETH) fell to $2,418.39, a decline of 3.3% after a day of losses. This drop was part of a broader crypto market selloff, with total market capitalization down 4.1% due to political volatility in the U.S.
The selloff followed a public dispute between Elon Musk and Donald Trump regarding Trump's tax-and-spending plan, raising investor concerns over fiscal policy and regulatory stability that affect crypto valuations.
Despite the price pressure, companies are increasingly buying ETH as a strategic reserve asset:
- SharpLink Gaming acquired an additional 9,468 ETH worth $22.8 million, raising its total holdings to 198,167 ETH, making it the largest publicly traded holder of Ethereum.
- BitMine announced a $250 million private placement to fund an Ethereum treasury strategy, aiming to use ETH as its primary treasury reserve asset.
Technical analysis highlights include:
- ETH declined from $2,500.88 to $2,418.39, with a full-range swing of $96.41.
- Price broke below the $2,460 support level, triggering downside pressure.
- The lowest price during trading was $2,404.47 with high trading volume.
- Recovery attempts stalled near $2,430, with resistance around $2,445.
- Short-term exhaustion indicated by declining volume between $2,425 and $2,418.
- Bearish trend remains, with lower highs and lower lows.