Ethereum price found support near $1,922 and recovered some losses. ETH is now consolidating and faces key hurdles near $2,000.

• Ethereum is attempting a fresh recovery wave above $1,960.
• The price is trading below $1,985 and the 100-hourly Simple Moving Average.
• There is a bearish trend line forming with resistance at $2,000 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could start a fresh decline if it stays below the $2,000 zone.

Ethereum Price Revisits Support

Ethereum price failed to stay above $2,000 and started a fresh decline, like Bitcoin. ETH price traded below the $1,960 and $1,950 levels to enter a bearish zone.

Finally, the bulls appeared near $1,920. A low was formed at $1,922, and the price started a recovery wave. There was a move above the $1,950 resistance. The price surpassed the 38.2% Fib retracement level of the downward move from the $2,038 swing high to the $1,922 low.

Ethereum price is now trading below $1,980 and the 100-hourly Simple Moving Average. If the bulls remain in action above $1,925, the price could attempt another increase. Immediate resistance is seen near the $1,980 level. The first key resistance is near the $2,000 level or the 61.8% Fib retracement level of the downward move from the $2,038 swing high to the $1,922 low.

There is also a bearish trend line forming with resistance at $2,000 on the hourly chart of ETH/USD. The next major resistance is near the $2,020 level. A clear move above the $2,020 resistance might send the price toward the $2,050 resistance. An upside break above the $2,050 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $2,120 resistance zone or even $2,150 in the near term.

Another Decline In ETH?

If Ethereum fails to clear the $2,000 resistance, it could start a fresh decline. Initial support on the downside is near the $1,935 level. The first major support sits near the $1,925 zone.

A clear move below the $1,925 support might push the price toward the $1,880 support. Any more losses might send the price toward the $1,840 region. The main support could be $1,820.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now near the 50 zone.

Major Support Level – $1,920

Major Resistance Level – $2,000

• The planned raise, originally targeting $1 billion at a $4 billion valuation, has been pushed to mid-July.
• Social media platform X suspended Pump.fun and the founder’s accounts on 16 June.
• The auction was initially scheduled for 25 June with a $4 billion valuation.

Solana-based memecoin launchpad Pump.fun has delayed its public token auction once again, amid rising legal uncertainty and platform moderation concerns.

The planned raise, originally targeting $1 billion at a $4 billion valuation, has reportedly been pushed to mid-July.

This marks the latest in a series of postponements that have disrupted the platform’s roadmap since planning for the launch began in 2024.

Pump.fun had initially announced a June 25 auction date, but the latest delay follows a pattern of mounting challenges.

While no official reason was cited for this week’s postponement, the timing aligns closely with growing legal pressure in several jurisdictions, including an active class action lawsuit in the US and warnings of intellectual property violations.

Social media suspensions have added to the disruption, casting uncertainty over the project’s near-term prospects.

$1 billion raise under threat as lawsuits escalate

At the heart of Pump.fun’s troubles is a class action suit filed by Burwick Law on 15 January.

The legal complaint accuses the platform of securities law violations and manipulating token prices for its own gain.

According to the filing, investors suffered significant losses due to what the plaintiffs describe as artificially inflated valuations designed to benefit the launchpad’s internal operations.

The platform, which allows users to mint and promote memecoins on Solana, is also under fire for enabling projects that allegedly misuse copyrighted names and branding.

In February, Burwick Law joined hands with Wolf Popper LLP to issue a cease-and-desist letter targeting Pump.fun.

The letter highlights repeated IP infringements by user-created tokens, which often borrow logos and branding from existing companies and public figures.

Although Pump.fun has not responded to the lawsuit publicly, the legal cloud is raising questions over its planned billion-dollar raise.

The repeated delays and lack of transparency have made it difficult for institutional and retail investors to gauge the platform’s legal standing, further complicating the valuation ahead of any token issuance.

X account suspension adds to mounting setbacks

On 16 June, social media platform X suspended the official accounts of both Pump.fun and its founder.

Though the ban lasted only a few days before the accounts were reinstated, it fuelled speculation about enforcement actions linked to ongoing legal scrutiny.

Neither Pump.fun nor X disclosed the reason for the takedown.

This isn’t the first time crypto platforms have been hit with such suspensions.

Other decentralised projects and crypto tools have also faced temporary bans in recent months, often without a public explanation.

However, the timing of Pump.fun’s ban — just days before its auction update — has drawn particular attention within the crypto community.

Despite the reinstatement, the suspension disrupted the launchpad’s communications during a critical period.

With the public auction already delayed, the temporary loss of its primary outreach channel may have undermined user trust further.

Public auction now expected mid-July, but uncertainty remains

Crypto journalist Colin Wu, who broke the news on X, stated that the new target date for Pump.fun’s token sale is now set for mid-July.

No firm date has been confirmed by the team.

The project had originally aimed to raise $1 billion from the token event, which would value the platform at $4 billion — a bold figure given the legal risks and operational headwinds it currently faces.

Pump.fun’s rise to prominence was driven by a wave of speculative activity around meme tokens on the Solana blockchain.

However, the combination of litigation, brand misuse allegations, and social media bans could put its long-term viability at risk if not addressed before the token launch.