Ethereum Stumbles Toward $2,400 as Bears Take Control

Ethereum's price action looks shaky as it flirts with the $2,400 level—another reminder that crypto 'support levels' are just polite suggestions until proven otherwise.

Traders watch nervously as ETH tests key psychological thresholds. Meanwhile, Wall Street analysts nod sagely and whisper 'I told you so' between sips of their overpriced lattes.

Will this dip trigger a buy-the-damned-dip rally or another cascade? Either way, someone's about to get rekt—because in crypto, the house always wins... until it doesn't.

Traders believe the fall began when ex-DOGE head and X owner Elon Musk resigned from his role and criticized the President’s recent spending bill, dubbed the Big Beautiful Bill. In a move seen as retaliation, Donald TRUMP revoked Jared Isaacman’s NASA nomination, a close associate of Musk.

According to data from DeFi Llama, Ethereum’s total value locked has also suffered from the price drop, falling by nearly 4% to $59.9 billion. Although it is still ahead of solana (SOL) in terms of TVL, with Solana’s standing at only $8 billion, the ETH ecosystem has taken a harsher hit from the crypto market’s current plunge.

On the other hand, Ethereum’s on-chain fees ROSE two-fold compared to the beginning of June. On June 6, ETH fees amounted to $2.26 million, rising more than 100% compared to $853,320 on June 1.

Most recently, ethereum co-founder Vitalik Buterin stated that while Ethereum has a stronghold in aspects like censorship resistance and security, he admitted that Bitcoin is still ahead of them in terms of other areas.

He believes Bitcoin has an edge over Ethereum with regards to coding simplicity, less protocol changes, node count as well as its lesser dependency on remote procedure call services.