Ethereum (ETH)$ETH recently experienced significant volatility, dipping below the $2,500 mark amid concerns over large-scale sell-offs by major holders, commonly referred to as "whales." The price briefly touched a low of $2,499.09 before recovering to stabilize around $2,506.
Whale Activity and Market Impact
The downturn was largely attributed to substantial ETH $ETH transfers to centralized exchanges. Notably, two Ethereum ICO whales moved approximately 1,546.69 ETH, intensifying market volatility. Additionally, a significant investor, James Wynn, reportedly suffered a $12 million loss within 24 hours, reducing his position from $760 million to $279 million.
Another whale sold 2,559 ETH at a loss of $105,000, reflecting broader market selling pressure and a shift towards risk-off sentiment.
Technical Analysis and Recovery
The price drop was marked by a sharp intraday decline from $2,551.09 to $2,499.09, accompanied by a surge in trading volume exceeding 48,000 ETH $ETH within two minutes. This movement breached the $2,515–$2,520 support zone, raising concerns about institutional distribution.
Despite the initial sell-off, ETH managed to recover above the critical $2,500 level, which now serves as a key psychological and technical support. Analysts suggest that maintaining this level is crucial for determining the near-term market direction.
Historically, June has been a challenging month for Ethereum, with average monthly performance since 2016 showing a decline of 7.4%. However, recent developments, such as Sharplink Gaming's announcement of a $425 million Ether treasury strategy, indicate potential institutional interest that could bolster ETH's price.
Currently, Ethereum is trading at approximately $2,506.40, with an intraday high of $2,545.47 and a low of $2,504.43. The market remains cautious, with investors closely monitoring whale activities and broader economic indicators.
