Ethereum Drops 2.94% to $1,577.12 as $8M ETF Redemptions Signal Institutional Retreat

ETH2.56%
According to Traders Union, Ethereum dropped 2.94% over the past week to close at $1,577.12 on June 29, extending its position below all major weekly moving averages. Net redemptions from U.S. spot Ethereum ETFs reached $8 million as institutional sellers continued pulling capital from the asset. The weekly RSI stood at 30.13, with deeply oversold technical readings reflecting sustained selling pressure rather than a reliable support floor. Anton Kharitonov, analyst at Traders Union, stated that price action is likely to remain within the $1,425 to $1,725 band, with the probability of a meaningful rebound below 20% as long as the token stays under $1,725.
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