Ether (ETH) is exhibiting remarkable strength, rebounding sharply after a brief dip below a key psychological level. Currently, the ETHUSDT pair is trading around $2,619, marking a significant 6.6% gain over the last 24 hours. This powerful recovery is underpinned by a compelling divergence between short-term price fluctuations and the steadfast accumulation by major market players. While retail traders may have been shaken by recent volatility, on-chain data reveals a story of profound conviction among Ether's largest holders, suggesting a solid foundation is being built for a potential new leg up.

Whale Accumulation Signals Deep Conviction

The most telling sign of underlying strength comes from the behavior of ETH whales and sharks. According to analysis from the on-chain intelligence platform Santiment, wallets holding between 1,000 and 100,000 ETH have been on a significant buying spree. Over the past 30 days, this cohort has collectively added an astonishing 1.49 million ETH to their balances. This accumulation represents a 3.72% increase in their total holdings, bringing their control to a massive 26.98% of the entire circulating supply of Ether. This strategic buying occurred while smaller, retail-oriented wallets were observed to be taking profits, indicating a transfer of assets from short-term traders to entities with a longer-term investment horizon. This aggressive accumulation by sophisticated investors often precedes significant price appreciation, as it reduces the available supply on the open market and establishes strong support zones.

Institutional Flows Paint a Bullish Picture

While the recent end to a 19-day inflow streak for U.S. spot Ethereum ETFs, which saw a minor net outflow of $2.2 million on June 14, caught some headlines, it pales in comparison to the broader institutional trend. Data from analytics firm Sentora highlighted a massive withdrawal of over 140,000 ETH, valued at approximately $393 million, from centralized exchanges on June 11 alone. This was the largest single-day outflow in over a month and signals a strong preference for self-custody among large investors, a move typically associated with a long-term holding strategy rather than imminent selling. Analyst Anthony Sassano commented on this trend, noting that the capital flows into the Ethereum ecosystem have been accelerating and that the asset remains fundamentally undervalued. The combination of sustained ETF interest, despite a minor blip, and enormous exchange outflows points to a robust and growing institutional demand for direct ETH exposure.

Technical Breakout and ETH/BTC Strength

The recent price action for ETH provides a textbook example of support holding firm. After dipping to a 24-hour low of $2,455.89, buyers stepped in aggressively, pushing the price well above the critical $2,500 support level and toward a high of $2,633.47. This V-shaped recovery on significant volume suggests that the dip was viewed as a prime buying opportunity. The next major resistance lies near the $2,870 area, a peak reached in mid-June that triggered a pullback. A successful breach of this level could open the door to a retest of the $3,000 psychological barrier. Furthermore, the ETH/BTC trading pair has shown impressive strength, rallying over 4.5% to 0.02389. This outperformance against Bitcoin is a crucial bullish signal, indicating that capital is rotating into Ether in anticipation of stronger relative gains. Traders are now watching to see if ETH can consolidate its recent gains above $2,600, which would set the stage for a challenge of higher resistance levels in the near future.