Ethereum slipped more than 3% to $1,615 on June 25, extending its recent decline. While exchange inflows and spot ETF outflows point to persistent selling, two major players — Andreessen Horowitz and Tom Lee-linked Bitmine — accumulated over $100 million worth of ETH on a single day, June 23.
Technical Picture: Below Key Moving Averages, $1,150 Support in Focus
ETH has fallen below its 20-, 50-, and 100-day moving averages, which cluster between $1,740 and $2,050. The relative strength index sits near 34, approaching oversold territory but without a clear reversal. Analyst Ted Pillows noted that selling pressure above $1,700 has repeatedly capped upward attempts, raising the likelihood of testing lower supports absent strong spot demand.
On-chain data identifies the realized price lower band at roughly $1,150 — a level that marked market bottoms during the 2018 and 2022 bear cycles. A repeat could mean another 30% drop from current prices. Near-term support levels are $1,611, $1,524, and $1,404. Losing $1,404 opens the door to the $1,156 zone.
Institutional Divergence: Withdrawals Signals Long-Term Bets
On June 23, a wallet linked to a16z withdrew 25,560 ETH ($42.62 million) from Binance. Simultaneously, Bitmine acquired 35,138 ETH ($58.65 million). The firm had already spent $92 million on 52,203 ETH the prior week.
These purchases contrast sharply with broader flow indicators. ETH net inflows to exchanges have risen steadily over the past two weeks — a typical precursor to selling. Meanwhile, U.S.-listed spot Ethereum ETFs saw net outflows of $346.39 million in June, following $540.88 million in May. Tuesday alone saw $82.3 million exit.
Wallet Redistribution: Top Holders Accumulate, Mid-Tier Addresses Shrink
Santiment data shows that wallets holding 10 million to 100 million ETH increased their aggregate holdings to about 135.2 million ETH. Mid-sized investors have also been accumulating since late May. However, addresses in the 10,000–100,000 and 100,000–1 million ETH ranges recorded declines, suggesting redistribution across wallet cohorts rather than broad liquidation.
Ethereum thus presents a contradictory picture: price momentum is bearish, but long-term accumulation by deep-pocketed entities continues. The ability to reclaim and hold above $1,700 will be pivotal for any trend change.