Ethereum whale participation has experienced a dramatic decline, with large transaction activity falling 86.6% from 2,194 transactions on June 5th to just 294 at the latest reading. According to AMBCrypto, this significant reduction in high-value transfers suggests that major holders have stepped away from active network participation, highlighting a notable shift in institutional engagement. The decline emerged while Ethereum traded near an important recovery zone, making the slowdown particularly notable as large transaction counts typically reflect increased engagement from institutions and high-net-worth investors. Although reduced whale activity does not automatically signal selling pressure, it reflects lower conviction among major market participants and represents a concerning development for the cryptocurrency's momentum.
Support for risk assets strengthened after U.S. President Donald Trump announced that a peace deal with Iran had been completed. Trump stated that shipping traffic through the Strait of Hormuz had resumed and that vessels carrying oil were once again moving through what he described as a secure route. The development triggered a sharp decline in energy prices, with oil prices falling to $75, the lowest in two months, easing concerns about potential disruptions to one of the world's most important energy corridors. The geopolitical risk removal was decisive for Ethereum, with ETH price climbing to $1,828, its highest level in over a week, outperforming most major cryptocurrencies during the session. Lower energy prices directly reduce inflation pressure, which improves the macro calculus for high-beta assets like Ethereum. However, as AMBCrypto notes, while past declared deals fell apart shortly afterwards, it remains unclear whether this latest one will hold.
At press time, Ethereum traded at $1,750 after rebounding from support around $1,562, with the asset testing the critical $1,800 resistance level before encountering selling pressure. As reported by AMBCrypto, technical indicators have improved throughout the recovery phase, with the MACD maintaining a bullish crossover and the MACD line remaining above the signal line. The MACD line has produced green histogram bars, showing that buying strength has improved compared to previous sessions, while Ethereum continues to hold above the $1,720 support zone. However, the asset remains below the critical $1,800 resistance level, which continues acting as the most important obstacle for buyers. If Ethereum breaks and holds above $1,800, buyers could target the next major resistance near $2,000, but failure to reclaim that level could encourage another retest of support around $1,720 and potentially $1,562.
Derivatives activity has weakened despite persistent bullish sentiment among traders. Open Interest declined by 11.45% to $10.4 billion, showing that market participants reduced active positions and removed capital from futures markets. However, funding rates moved in the opposite direction, rising 34.71% to 0.01278, indicating that long traders continued paying a premium to maintain exposure. This divergence suggests that bullish sentiment persists despite lower overall participation, reflecting selective optimism rather than broad market confidence. The structure shows that fewer traders remain active, yet those who stay in the market continue favoring upside exposure, though the decline in Open Interest shows that conviction has not expanded alongside funding rates.
Arthur Hayes, Chief Investment Officer of Maelstrom and former BitMEX CEO, has shifted a large sum of ETH from his private wallets onto centralized crypto exchanges. The transfers, tracked by Onchain Lens, revealed 6,000 ETH worth roughly $10.41 million moving from Hayes' private wallets to the exchanges FalconX and Galaxy Digital. According to AMBCrypto, moves like these from private wallets onto exchanges typically signal an intent to sell, as pressure builds when ETH becomes available to offload. Such transfers often precede a sell-off and tend to pull in retail investors who follow the lead. Ethereum's exchange reserves have climbed in dollar terms since June 5th, rising from $22.97 billion by roughly $2.62 billion to date, with reserves growing from 14.54 million to 14.62 million ETH - an 80,000 ETH increase per the latest reading on June 18th. Spot netflow data recorded a net outflow of roughly 66,255.2 ETH, meaning more ETH left than entered, with about $112.09 million more in value offloaded.
