Ethereum (ETH) Price: Whales Are Buying Millions — But a 30% Drop May Still Be Coming

TLDR

The ETH Realized Price Lower Band sits near $1,150, pointing to a possible 30% further decline US spot ETH ETFs recorded $82.3 million in outflows on Tuesday, heading for seven straight weeks of negative flows a16z withdrew $42.62 million worth of ETH from Binance on June 23 Tom Lee’s Bitmine purchased 35,138 ETH worth $58.65 million, adding to $92 million bought the prior week Analyst Ted Pillows says sellers are capping rallies above $1,700 and new lows are possible unless ETH reclaims that level

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Ethereum is trading around $1,615, down more than 3% on Wednesday, as selling pressure continues across multiple metrics.

Ethereum (ETH) Price

A key onchain tool called the ETH Realized Price Lower Band currently sits near $1,150. In past bear markets — 2018 and 2022 — ETH found its bottom around this level. That puts a potential further drop of around 30% on the table if the pattern repeats.

Crypto analyst Ted Pillows flagged the weakness on social media, writing that sellers are active above $1,700 and capping any rally. He said: “Until Ethereum breaks and reclaims the $1,700 level with strong spot demand, the chances of new lows will go up.” His warning aligns with the current technical picture.

$ETH is looking weak here.

Sellers are active above the $1,700 level and are capping any rally.

Until Ethereum breaks and reclaims the $1,700 level with strong spot demand, the chances of new lows will go up. pic.twitter.com/vanZz7qFrq

— Ted (@TedPillows) June 24, 2026

On the price chart, ETH is trading below its 20-, 50-, and 100-day moving averages, which are clustered between $1,740 and $2,050. The RSI is sitting near 34, deep in oversold territory.

If selling continues, support levels are at $1,611, then $1,524, with a stronger floor at $1,404. A break below that would open the door to $1,156.

ETH exchange net flows have been slowly climbing over the past two weeks, a sign that more coins are moving to exchanges — often a signal that holders are preparing to sell.

Institutional Buyers Step In

Despite the weakness, large buyers are active. On June 23, a wallet linked to venture firm Andreessen Horowitz (a16z) withdrew 25,560 ETH — about $42.62 million — from Binance.

Tom Lee’s Bitmine bought another 35,138 ETH worth $58.65 million on the same day. The firm also spent $92 million on 52,203 ETH in the previous week.

LATEST: TOM LEE'S BITMINE JUST BOUGHT ANOTHER $60 MILLION OF ETH

The firm acquired 35,138 ETH over the past 6 hours, lifting its holdings to 5.65M ETH. pic.twitter.com/vbIjNi2Rl0

— Coin Bureau (@coinbureau) June 24, 2026

Sharplink, the second-largest Ethereum treasury company, staked an additional 509 ETH this week, bringing its total staked ETH to 22,102.

Supply Data Points to Long-Term Confidence

Santiment data shows that the largest whale wallets — those holding between 10 million and 100 million ETH — have grown their balances to roughly 135.2 million ETH. Mid-sized holders have also been buying since late May.

Source: Santiment

Wallets in the 10,000–100,000 ETH and 100,000–1 million ETH ranges have reduced holdings, suggesting redistribution rather than a broad sell-off.

US spot ETH ETF outflows totaled $82.3 million on Tuesday alone. June has seen $346.39 million in outflows, following $540.88 million in May.

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