Ethereum Price Movement

Ethereum (ETH) dipped 3.7% to approximately $2,555 within a 24-hour span, following a climb from $2,672.99 to a low of $2,533.89 before settling just above its key support level. CoinDesk Research identified this price fluctuation indicating a trend of increased selling pressures, reflecting a significant drop in momentum.

Whale Accumulation Insights

Notably, whale wallets containing 1,000 to 10,000 ETH have gathered over 800,000 ETH daily in the past week, raising total holdings to above 14.3 million ETH. The most substantial single-day addition was recorded on June 12, with over 871,000 ETH entering these wallets, marking it as the highest daily accumulation for the year.

‘This buying trend is reminiscent of behaviors seen in 2017, marking the scale of recent whale activity unprecedented in recent history.’

Market Outlook

Despite present technical challenges facing Ethereum, such as fluctuating prices and increased volatility, the major buying activities from whales signal strong confidence among larger investors, beckoning analysts to track if this bullish sentiment will shift the market dynamics toward a reversal or merely provide support against further declines.

Key Technical Observations:

• ETH saw a drastic movement on June 16, dropping from $2,679.99 to $2,527.37 during trading hours.
• Volume exceeded 560,000 ETH, with particular resistance detected at the $2,650 mark.