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Ethereum continues to trade under severe pressure, although it managed to recover around around 5% from its recent multi-year low at just over $1,500.<\/p>\n
The threat remains since many of the major investors in its ecosystem continue to offload. The only positive change in the past few weeks has been the return of SharpLink.<\/p>\n
Data shared by popular analyst Ali Martinez shows that these large market participants have disposed of $880 million worth of the largest altcoin in the span of just one week. From an Ethereum perspective, this means a massive dump of 550,000 ETH, which, according to him, means a substantial $880 million injection in \u201csell-side supply into the market.\u201d<\/p>\n
He added that this heavy selling volume is among the reasons behind the asset\u2019s drop below its first immediate support at $1,633. The other could be the behavior of ETF investors. As reported<\/a> earlier this weekend, those gaining exposure to Ethereum through the exchange-traded funds sold over $270 million during the week, as ETH dropped toward $1,500 for the first time in over a year.<\/p>\n Citing URPD data, Martinez outlined the significance of the $1,583 level as a critical volume support. If ETH breaks below it, it would open a \u201cclear path for extended liquidations.\u201d He doubled down that Ethereum\u2019s asset risks falling to a new cycle low of somewhere between $1,237 and $1,089.<\/p>\n ETH WHALES SELL $880 MILLION IN ONE WEEK<\/p>\n Large-scale holders have offloaded roughly 550,000 ETH over the past week, injecting $880 million in sell-side supply into the market.<\/p>\n This heavy selling volume has successfully pushed Ethereum below its immediate $1,633 support floor.\u2026 https:\/\/t.co\/2n4rVK4oTK<\/a> pic.twitter.com\/7g1zSPepez<\/a><\/p>\n \u2014 Ali Charts (@alicharts) June 28, 2026<\/a><\/p>\n<\/blockquote>\n Fellow analyst Ted Pillows commented<\/a> that ETH remains stuck between key support (at $1,500) and resistance (at $1,700). A breakout above the latter would be \u201cwhat bulls need,\u201d while a potential decisive drop below $1,500 is \u201cwhat bears are pushing for a new cycle low.\u201d<\/p>\n On the flipside, the two largest corporate holders of Ethereum are accumulating. While this is not really a surprise for Bitmine, which has been buying consistently<\/a> even through the bear market, the return of SharpLink made the headlines over the week.<\/p>\n The Joe Lubin-chaired firm made its first ETH buy in eight months<\/a> on Friday and has only doubled down since then. Lookonchain noted<\/a> earlier today that the company accumulated another 29,196 ETH for $46.7 million. Thus, it has acquired over $62 million worth of ETH in the past three days alone.<\/p>\n The post Ethereum Whales Offload Almost $900M Worth of ETH: Is Another Crash Looming?<\/a> appeared first on CryptoPotato<\/a>.<\/p>\n\n
Who Is Buying<\/h2>\n