Ethereum breaks below $2,000 — what's driving the sell-off?

Ethereum broke below the psychological $2,000 level in early June and now trades around $1,870. That's a decline of more than 7% in a day, with no clear bottom in sight according to Memeburn's analysis.

ETH briefly tested the same level in late March, but bounced back to $2,450 then. This time the situation is described as more persistent — driven by ETF outflows, weaker on-chain activity and a broader macroeconomic risk aversion.

At the same time, Capital.com notes that third-party forecasts for ETH have been revised downward as institutional flows have turned.