Ether trades near $1,664 as on-chain activity stays elevated and a $1,575 level comes into focus

Ether is trading around $1,664, with the downtrend still in control and the June 5 low near $1,575 emerging as the next key test. Even as the price weakens, active-address readings have surged, diverging from the pattern seen in the 2023 bear market. Separately, the Ethereum Foundation is cutting its 2026 budget by roughly 40% as it shifts toward a longer-horizon spending model.