At the time of reporting, Ethereum was trading between $1,783 and $1,790, reflecting a roughly 2.5% decline over the previous 24 hours. Although ETH rebounded after touching the $1,500 level earlier this June, it continues to trade under key moving average levels.
Whale buying drives recovery
On-chain data shows that large wallets holding between 10,000 and 100,000 ETH have accumulated approximately 510,000 ETH since June 5. This significant buying activity began as the price approached $1,500, supporting ETH’s climb back toward the $1,800 mark.
Conversely, smaller investors with holdings between 100 and 10,000 ETH did not display any notable moves in the same period. The data suggests this group remains cautious, waiting for clearer market direction before making decisions.
According to analyst Ted in an assessment shared on X, ETH continues to hold above the $1,700–$1,750 range. If this area remains intact, Ted believes the price could gain momentum toward the $1,900 level.
Institutional demand stays muted
In the US, institutional interest remains relatively weak compared to whale buying activity. The Coinbase Premium Index, a barometer for US demand, has recovered slightly but still sits below neutral territory. Spot Ethereum ETFs recorded a recent net inflow of $22.5 million, yet this comes after four consecutive days of outflows; since March 8, there have been only three days of net inflows into these products.
Glossary: The Coinbase Premium Index tracks whether Bitcoin or Ethereum on the Coinbase exchange trades at a premium or discount compared to other major exchanges. A positive index reading signals relatively strong US-based demand.
Despite this, long-term holders appear to maintain their positions. The total amount of staked ETH rose to a record 39.83 million tokens. In parallel, ETH held on centralized exchanges fell to an all-time low of 14.5 million, reducing the supply available for immediate sale and tightening market liquidity conditions.
Key resistance and support levels in focus
From a technical perspective, Ethereum currently trades beneath the 20, 50, and 100-day exponential moving averages, which converge between $1,800 and $2,115. The primary short-term resistance stands at $1,796, marked by the 20-day EMA, with further targets at $1,909, $1,962, and $2,019.
Market analysts identify the $1,900–$2,000 zone as a crucial threshold for confirming a sustained recovery. If ETH breaks above $2,000 with strong momentum, price targets may shift toward $2,500 and subsequently $2,700.
On the downside, immediate support lies at $1,741, followed by a key support level at $1,524. Should these levels fail, the price could retreat toward $1,400. The Relative Strength Index hovering near 45 indicates that while selling pressure has weakened, buyers have yet to take firm control.
