Ethereum (ETH) is exhibiting a significant divergence between its recent price action and the behavior of its largest holders, creating a complex but compelling trading landscape. While ETH experienced a sharp rejection near the $2,673 mark, leading to a slide below key support levels, on-chain data reveals an aggressive accumulation phase by whales and sharks. The ETH/USDT pair is currently trading around $2,605, showing a modest recovery of about 2.1% in the last 24 hours, but the broader technical picture remains tense after the recent downturn. The price action on June 16 was particularly telling, with a 5.7% drop from $2,679.99 to a low of $2,527.37, confirming strong resistance overhead. This sell-off occurred on significant volume, indicating conviction from sellers at those higher levels.

Whale Accumulation Reaches Historic Proportions

Despite the bearish short-term price movements, a powerful undercurrent of buying activity is taking place on-chain. According to on-chain analytics firm Glassnode, the scale of buying by large Ethereum holders has not been seen since the bull market of 2017. For nearly a week, daily net accumulation by whale wallets has surpassed 800,000 ETH. This trend culminated in a massive single-day inflow on June 12, when these large wallets added over 871,000 ETH. Further analysis from Santiment corroborates this trend, noting that wallets holding between 1,000 and 100,000 ETH—often categorized as whales and sharks—have collectively added 1.49 million ETH over the past 30 days. This sustained buying has increased their total share of the circulating supply to 26.98%, a clear signal of long-term conviction that contrasts sharply with the profit-taking seen among smaller retail wallets.

Institutional Flows and Cross-Pair Analysis

While on-chain whales are buying aggressively, the recently launched U.S. spot Ethereum ETFs have shown their first sign of waning momentum. Data compiled by Farside Investors revealed that on Friday, these ETFs recorded a net outflow of $2.2 million, ending an impressive 19-day streak of consecutive inflows. This development introduces a new variable for traders, suggesting that the initial wave of institutional demand through these regulated products may be stabilizing or pausing. Traders are now watching to see if this is a one-off event or the beginning of a cooling-off period for ETF-driven demand. Meanwhile, the ETH/BTC pair offers another perspective. It is currently trading around 0.02403, up 1.9% over the past 24 hours, suggesting that Ethereum is showing relative strength against Bitcoin during this period of market uncertainty. This could imply that capital is rotating within the crypto ecosystem towards ETH, potentially fueled by the whale accumulation narrative.

Technical Outlook and Key Levels for ETH

From a technical standpoint, Ethereum is navigating a critical juncture. The price is currently hovering above the significant psychological and technical support zone around $2,500. This level has held firm despite recent tests, reinforced by the immense buying pressure from large holders. The 24-hour range for ETH/USDT between $2,551 and $2,643 highlights the ongoing battle between buyers and sellers. Immediate resistance stands at the recent breakdown area of $2,650-$2,675. A decisive break above this zone would be required to invalidate the recent bearish momentum and could signal that the whale accumulation is beginning to impact price positively. Conversely, a failure to hold the $2,500 support could open the door for a deeper correction, potentially targeting lower support zones. Traders should monitor trading volume on any move towards these key levels, as a spike in volume would lend credibility to either a breakout or a breakdown. The persistent accumulation by whales provides a strong fundamental argument for a potential price floor, but the cooling ETF flows and technical resistance present formidable headwinds in the short term.