Ethereum (ETH) is currently navigating a period of significant market tension, characterized by short-term price weakness clashing with historic levels of accumulation by large-scale investors. As of recent trading, the ETHUSDT pair hovers around $2,435, reflecting a slight daily decline. This price action follows a sharp rejection near the $2,673 level on June 16, which triggered a significant sell-off, pushing the price down by 5.7% to a low of $2,527.37 during that session. The breakdown below initial support levels has established a near-term bearish trend, with traders closely watching the critical psychological and technical support zone around $2,500, a level that was briefly breached before a minor recovery.

Ethereum Whales Counter Market Sentiment with Aggressive Buying

Despite the bearish price action, on-chain data reveals a powerful counter-narrative driven by Ethereum's largest holders. According to analysis highlighted by the on-chain researcher @lookonchain, wallets holding between 1,000 and 100,000 ETH have been on an aggressive buying spree. Data from Santiment confirms that these “shark” and “whale” wallets have added a staggering 1.49 million ETH to their holdings over the past 30 days. This accumulation represents a 3.72% increase in their total balance, bringing their control to nearly 27% of the entire circulating supply of Ether. This divergence is stark, as smaller, retail-oriented wallets have reportedly been taking profits during the recent price declines.

A Buying Frenzy Not Seen Since 2017

Further data from Glassnode puts this accumulation into historical context, noting that the scale of this buying activity has not been seen since the bull market of 2017. For nearly a week, the daily net accumulation by these large entities has surpassed 800,000 ETH. A peak was observed on June 12, when whale wallets absorbed over 871,000 ETH in a single day, marking the largest net inflow for 2024. This sustained and intense buying pressure from sophisticated market participants suggests a strong long-term conviction in Ethereum's value, viewing the current dip as a strategic entry point rather than a reason for panic. This behavior contrasts sharply with the first signs of slowing institutional demand from spot ETFs, which, according to Farside Investors, recorded their first net outflow of $2.2 million recently, ending a 19-day inflow streak.

Technical Outlook and Key Trading Levels for ETH

From a technical standpoint, ETH remains in a precarious position. The rejection at the $2,650 resistance level was decisive, confirmed by a surge in trading volume during the sell-off. The ETHUSDT pair is currently trading in a tight range, with immediate support at the 24-hour low of $2,425.58 and resistance at the high of $2,461.22. A sustained break below the $2,400 level could open the door for further downside. Conversely, if the immense whale buying pressure translates into market strength, buyers will need to reclaim the $2,500 level decisively to challenge higher resistance zones. The ETH/BTC pair, trading at approximately 0.02258, shows a slight decline of 0.31%, indicating that Bitcoin has shown more relative strength in the immediate short term. However, the SOLETH pair has gained 2.6%, suggesting some capital rotation into major altcoins like Solana over Ethereum. Traders should monitor volume closely; a spike in buying volume accompanying a move above $2,500 could signal that the whale-driven support is beginning to overwhelm the recent selling pressure.