Ethereum (ETH) Price Faces a Potential 30% Drop Despite Millions in Whale Accumulation
Ethereum (ETH) Could Drop Another 30% Despite Ongoing Whale Accumulation
Ethereum (ETH) traded near $1,615 on Wednesday, down more than 3% as bearish sentiment continued to dominate the market.
A key on-chain metric, the ETH Realized Price Lower Band, is currently sitting around $1,150. During previous bear markets in 2018 and 2022, Ethereum found its cycle bottom near this level. If history repeats itself, ETH could face another 30% decline from current prices.
Crypto analyst Ted Pillows warned that strong selling pressure remains above the $1,700 level, limiting any meaningful upside. According to Pillows, Ethereum needs to reclaim and hold above $1,700 with strong spot demand to reduce the risk of further downside.
From a technical perspective, ETH remains below its 20-day, 50-day, and 100-day moving averages, which range between $1,740 and $2,050. Meanwhile, the Relative Strength Index (RSI) sits near 34, signaling that the asset is approaching oversold territory.
If selling pressure continues, Ethereum’s immediate support levels are located at $1,611, followed by $1,524 and $1,404. A break below these levels could open the door for a decline toward $1,156.
Exchange net flow data has also increased over the past two weeks, suggesting that more ETH is being moved onto exchanges, a trend typically associated with potential selling activity.
Institutional Investors Continue Accumulating ETH
Despite the bearish outlook, large institutional investors continue to accumulate Ethereum.
On June 23, a wallet linked to venture capital firm Andreessen Horowitz (a16z) withdrew 25,560 ETH worth approximately $42.62 million from Binance.
On the same day, BitMine, a company affiliated with Tom Lee, purchased an additional 35,138 ETH valued at roughly $58.65 million. The company had already invested $92 million to acquire 52,203 ETH during the previous week.
Meanwhile, SharpLink, the second-largest corporate Ethereum treasury holder, staked another 509 ETH, bringing its total staked holdings to 22,102 ETH.
Whale Data Signals Long-Term Confidence
According to data from Santiment, the largest whale addresses holding between 10 million and 100 million ETH have increased their combined holdings to around 135.2 million ETH. Mid-sized investors have also been accumulating ETH since late May.
However, wallets holding between 10,000–100,000 ETH and 100,000–1 million ETH have reduced their positions, indicating redistribution among holders rather than widespread liquidation.
At the same time, U.S. spot Ethereum ETFs continued to see capital outflows. On Tuesday alone, the products recorded $82.3 million in net outflows. Total withdrawals reached $346.39 million in June, following $540.88 million in outflows recorded in May.
