XRP trades near $1.08 as monthly RSI stays below 44. Traders watch $1 support and signs of a macro market bottom.
Ethereum is trading near a key support zone as fear spreads across crypto markets.
At the same time, Joseph Lubin’s $122 million ETH transfer has become a major talking point among traders.
On-chain data shows the funds moved to MakerDAO, not an exchange, where he borrowed $209 million in DAI against the ETH.
Ethereum Retests the $1,500 Support Zone
Ethereum has moved lower after forming lower highs on the chart. The price also made fast moves down after losing major support levels.
Traders are now watching the $1,500 area closely. The $1,500 region has acted as support before.
It was held during late 2023 and again in April 2025. Because of that, many traders see it as a key price level.
$ETH Lower highs into fast moves down.
ETH lost all the major supports and has retested the $1500 region that has held as support during late 2023 and April 2025. Retraced the entire $BMNR rally now.
This is a key area, and arguably a better "support" than the wick from April… pic.twitter.com/0xVfwNxvO0
— Daan Crypto Trades (@DaanCrypto) June 6, 2026
ETH has also retraced the full BMNR rally, according to market commentary. That move has added pressure to short-term sentiment.
However, the current level remains the main focus for traders. Some analysts are also watching the April 2025 work near $1,375.
They say a retest of that area could bring deeper losses. For now, Ethereum remains near the stronger support band.
Joseph Lubin ETH Transfer Draws Market Attention
Market fear increased after Joseph Lubin moved $122 million in ETH. The wallet had reportedly been inactive for three years.
Because of that, traders reacted quickly to the transaction. Some market users first believed the transfer could be exchange-related.
That view raised concerns about possible selling pressure. However, on-chain data showed a different route for the funds.
Crypto market is in FEAR MODE – and narratives drive everything! 🤯
Ethereum co-founder Joseph Lubin just moved $122M in $ETH after 3 years of wallet inactivity.
Traders panicked thinking he's dumping…. 🤔
However on-chain data shows it went to MakerDAO, and not an… pic.twitter.com/ftCWJep27T
— BeInCrypto (@beincrypto) June 6, 2026
The ETH was sent to MakerDAO, not a trading exchange. Lubin then borrowed $209 million in DAI against Ethereum. This means the move was linked to borrowing activity.
BeInCrypto said, “Traders panicked thinking he’s dumping.” The same post later noted that the ETH went to MakerDAO. The data helped shift attention from selling fears to loan activity.
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Ethereum Reaches HTF Range Lows as ETH/BTC Hits Long-Watched Target
Fear Mode Keeps ETH Traders on Alert
The wider crypto market remains in fear mode. In such periods, narratives can move prices quickly.
Ethereum’s chart weakness has made traders more sensitive to large wallet moves. ETH price action remains tied to the $1,500 support zone.
A strong hold there may calm some short-term concerns. A break lower could bring the $1,375 level back into focus.
The Lubin wallet move also shows why on-chain details matter. A large ETH transfer can cause fear before its destination is known.
In this case, MakerDAO activity changed the market reading. For now, Ethereum traders are watching both price and wallet data.
The $1,500 level remains the main support area. Lubin’s $209 million DAI loan has become a key talking point.
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