Ethereum (ETH) is navigating a complex and divergent market landscape, presenting a fascinating puzzle for traders. As of the latest session, the ETHUSDT pair is trading around $2,440.91, marking a slight 0.56% decline over the past 24 hours. This price action follows a sharp rejection from resistance near the $2,673 level, which triggered significant selling pressure and pushed ETH below the critical $2,500 psychological support. The current 24-hour trading range between $2,374.58 and $2,465.69 highlights the ongoing battle between buyers and sellers. While the short-term technical picture appears bearish, a powerful undercurrent of accumulation by large holders suggests a different story may be unfolding beneath the surface.

Whale Accumulation Hits Historic Levels

Despite the price weakness, on-chain data reveals an extraordinary level of buying activity from Ethereum's largest investors. According to analysis from Glassnode, the scale of accumulation by ETH whales has reached levels not witnessed since the bull market of 2017. For nearly a week, daily net whale accumulation has consistently surpassed 800,000 ETH. This aggressive buying culminated on June 12, when whale wallets added a staggering 871,000 ETH in a single day—the largest net inflow recorded this year. In total, wallets holding between 1,000 and 10,000 ETH have increased their holdings to over 14.3 million ETH. This sustained buying spree during a price decline indicates that sophisticated, well-capitalized players view the current levels as a strategic entry point, potentially anticipating future price appreciation driven by catalysts like institutional adoption or protocol upgrades.

Retail Divergence and Shifting ETF Flows

This massive whale accumulation stands in stark contrast to the behavior of smaller, retail-oriented wallets. Data from the analytics platform Santiment shows that while wallets holding 1,000 to 100,000 ETH have collectively added 1.49 million ETH over the past 30 days, smaller wallets have been net sellers, likely taking profits or de-risking amidst the volatility. This divergence often signals a transfer of assets from weaker hands to entities with a longer-term conviction. Adding another layer to the institutional picture, U.S.-listed spot Ethereum ETFs recently snapped a 19-day inflow streak, recording a modest net outflow of $2.2 million on Friday, according to data shared by Farside Investors. While minor, this pause in ETF demand shows a more cautious institutional stance in the short term, contrasting with the aggressive on-chain whale activity.

ETH Price Analysis and Critical Trading Levels

From a technical standpoint, ETH is at a critical juncture. The immediate support level to watch is the 24-hour low at $2,374.58. A failure to hold this level could open the door to a deeper correction towards the $2,300 zone. On the upside, initial resistance lies at the 24-hour high of $2,465.69, with the more significant psychological and technical barrier at $2,500. Reclaiming this level is the first step for bulls to regain control. The ETH/BTC trading pair, currently at 0.02291 BTC, is also telling. It has been underperforming Bitcoin, as evidenced by its 0.39% daily decline. The pair's 24-hour low of 0.02094 BTC is a crucial support level; a break below could signal further capital rotation from ETH to BTC. Conversely, traders are also observing relative strength in other ecosystems. The SOLETH pair, for instance, has rallied 2.59% to 0.068, indicating that some traders are rotating capital from Ethereum to Solana in search of higher beta plays. For ETH traders, the key is to watch whether the immense buying pressure from whales can absorb the selling and form a solid price floor around the current levels, setting the stage for a reversal.