# ETHPlunges5PercentBelow1800

On June 4, Ethereum extended its losses, dropping 5.58 percent in 24 hours and breaking below the 1,800 US dollar level, hitting a low near 1,734 US dollars, a three-week low. Bitcoin also came under pressure, falling below 63,000 US dollars to a low of 62,839 US dollars, down about 5.9 percent in 24 hours. Total liquidations exceeded 1.1 billion US dollars in the past 24 hours, with over 160,000 traders forced out, and long positions accounting for 85 percent of liquidations. Multiple headwinds are converging. Fed rate cut expectations have all but disappeared, with CME data showing a 58 percent probability of a rate hike by year-end. Renewed US-Iran tensions have pushed oil prices higher, driving the 10-year Treasury yield to 4.69 %. Bitcoin spot ETFs saw a single-day net outflow of 519 million US dollars, a clear signal of institutional de-risking. Strategy sold Bitcoin for the first time in nearly four years, delivering a symbolic shock to market sentiment. The largest ETH long position on Hyperliquid, built at an average price of 2,261 US dollars for 120,000 ETH, has now expanded its unrealized loss to approximately 58 million US dollars. The address has added 11 million USDC in margin to lower its liquidation price to 1,506 US dollars. Key support for ETH is seen in the 1,700-1,720 US dollar area. A break below could lead to a test of previous lows. For Bitcoin, the key support level to watch is 63,000 US dollars.