Ethereum whales have intensified their accumulation activity, purchasing nearly $30 million worth of ETH as exchange outflows continue reducing available supply. A major whale intensified its buying after purchasing 7,000 ETH worth $11.8 million, bringing the wallet's total purchases to 17,800 ETH valued at approximately $29.76 million over the previous ten days. The whale acquired ETH at an average price of $1,672, a level close to the asset's current market value, demonstrating growing conviction from large holders despite Ethereum's recent price struggles. This sustained buying activity highlights the continued accumulation by major investors even as the broader market faces headwinds.
Ethereum is currently trading near $1,731, maintaining support above the key $1,700 region while facing resistance at the $1,800 level. According to crypto.news market data, the token rose 0.48% over 24 hours with a daily range between $1,708 and $1,742. Ali Martinez from CoinGape points out that Ethereum traded around $1,700 in March 2021 and is near the same area today, noting that a $10,000 investment made five years ago would still be worth approximately $10,000 today. The current level keeps ETH in a wide debate, with some analysts seeing a base forming after months of weakness while others say the chart still needs to defend deeper support before a larger rebound can develop. Michaël van de Poppe took a more constructive view, saying this could be "one of the best times to be buying ETH," adding that investors may look back in five to ten years and wish they had bought more.
The short-term technical picture has improved with MACD showing a bullish crossover and weaker bearish momentum. The MACD histogram is positive near 21.25, while the MACD line sits around -69.09 and above the signal line near -90.35. The RSI also shows improvement, sitting near 40.45 above its moving average near 35.91. However, both MACD lines remain below the zero line, indicating an early recovery attempt rather than a confirmed trend reversal. The Relative Strength Index climbed from deeply oversold conditions and reached 38.02, while remaining below the neutral 50 threshold, suggesting that buyers had regained some control though bullish strength remains limited. The Parabolic SAR flipped beneath price during the recent rebound, signaling that short-term conditions had improved following the sharp decline earlier in June.
Exchange flow data revealed a notable shift in Ethereum's circulating supply during the latest trading session. CryptoQuant analyst Rei Researcher reported a spike in Ethereum exchange outflows from Binance in June 2026, with a large amount of ETH leaving the exchange while price traded around the $1.71K area. The persistent outflow trend indicated that more ETH left exchanges than entered them, with the decline suggesting reduced immediate sell-side pressure. Since exchange-held assets typically represent readily available selling supply, this reduction in available liquidity could support price stability and potentially reduce sharp price moves, though it can support both buying and selling depending on where demand appears. The $1,730-$1,920 trading corridor has been established with short-term technicals tilting bearish, while resistance stacks at $1,830, $1,900, and $2,200.
Analysts are watching $1,060 as a key value zone if Ethereum fails to hold higher support, with this level marking a deeper correction that could become the area where long-term buyers test demand again. The bullish path requires ETH to protect macro support and then recover lost resistance levels. Martinez said a successful defense could open the door to $2,850 and $4,630 in the short-to-mid term, with the second target sitting close to the prior all-time high area. A move above $1,825 would be an early sign of strength, while a clean push through $2,000 would give buyers a stronger setup. However, a failure to hold the range would bring $1,500, $1,300, and the $1,060 value zone back into focus. Recent crypto.news coverage showed that ETH had already tested lower areas near $1,500 and $1,680 during earlier sell-offs, keeping traders cautious until price closes above resistance with stronger volume and broader market support.
