ETHUSD weekly: volatile week ends at 1662.23, 2026-06-08
Where ETHUSD closed the week
ETHUSD opened the week at 1686.99 and closed Friday at 1662.23, recording a net loss of 24.76 points or 1.47%. The weekly high reached 1710.91 on Monday before sellers took control, pushing price to a low of 1600.26 on Wednesday. Volume averaged 281,452 contracts through the first four days, dropping to 69,645 on Friday.
What moved price
The sharp Tuesday selloff from 1693.35 to 1610.67 coincided with broader crypto weakness. The 83-point drop erased Monday's gains and set up Wednesday's test of the 1600 psychological level.
Wednesday's bounce from 1600.26 to Thursday's high of 1690.09 showed buyers defending key support. The recovery stalled there, with Friday's subdued volume suggesting traders squared positions ahead of the weekend.
The week ahead
No major economic events are scheduled in the bundle for next week. Without a clear catalyst, price action will likely depend on broader crypto market sentiment and any developments in traditional markets. Watch how Bitcoin trades, as ETHUSD often follows its lead. If BTC breaks higher, ETHUSD could retest Thursday's 1690 high. If risk sentiment sours, the 1600 support becomes vulnerable.
Positioning
Current positioning shows 61.2% of LHFX traders are long ETHUSD versus 38.8% short as of Friday morning. This bullish skew suggests the majority expect a recovery from current levels, though the failure to hold above 1670 on Friday may test their conviction. When positioning tilts this heavily long, any negative catalyst could trigger stop-loss cascades.
Levels to watch
The immediate resistance sits at Thursday's high of 1690.09. If price closes above there, the weekly high at 1710.91 comes into focus. Below market, Wednesday's low at 1600.26 marks critical support. A break under 1600 would target the psychological 1550 level. The 1650-1670 zone acted as both support and resistance this week, making it a key pivot area.
Byline: LHFX Research
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