Ethereum (ETH) Whale Activity Crashes 86.6%: How Far Away Is a Break Above $2K?

• Ethereum Network sees 86.6% drop in whale activity.
• ETH is currently hovering at the $1.7K range.

Whale activity on the Ethereum network has seen a sharp decline, with large transactions dropping from 2,194 on June 5 to 294, marking an 86.6% decrease. Large transaction counts are used as a proxy for institutional and high-net-worth investor activity, making the sudden slowdown a notable development for the market.

A decline of this magnitude suggests that major holders are currently taking a wait-and-see approach rather than accumulating or distributing ETH. Also, data from June 14 shows a multi-year channel pattern that has provided strong support during major market cycles. A move to $1,070 represents a buying opportunity if ETH were to revisit that zone.

Ethereum’s broader market outlook remains tied to network adoption, institutional demand, and overall crypto market sentiment. For now, traders are watching key support levels closely, waiting for stronger signals before committing to the next major move.

ETH is currently trading within the $1,726 range following a 3.83% loss in value. In the early hours, the asset traded at $1,797, and later, with the bearish shift in the market, the price dropped to $1,724. Besides, the trading volume has reached the $14.48 billion mark. As per Coinglass data, the ETH market has experienced a liquidation of $123.05 million. 

If the recent trajectory intensifies, the Ethereum price might slip and test the support at the $1,691 range. With further downside pressure, the death cross could emerge, sending the price even lower. On the upside, if the bulls entered the ETH market, it could instantly climb to the resistance at around $1,762. An extended bullish correction might trigger the golden cross to take place and drive the price higher. 

Where Will Ethereum’s Momentum Go From Here?

The MACD line is below the signal line, suggesting a higher bearish momentum at the moment. The recent price trend of ETH is losing strength, with sellers gaining the upper hand. Additionally, Ethereum’s CMF reading of 0.04 indicates slight buying pressure, and the money flow is marginally positive. However, it does not reflect strong accumulation or aggressive demand.

(Source: TradingView)

ETH’s daily RSI is at 45.86, pointing to neutral to slightly bearish momentum. It remains far from oversold territory, with no sign of excessive selling. The price is consolidating without a strong trend in either direction. Also, the BBP value of Ethereum is -47.77, highlighting a strong bearish tone. This negative reading infers a sustained downtrend and a lack of strong buying support. The bulls need to regain momentum before a recovery can take shape.

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