Ethereum (ETH) Price: Whales Buy 510K ETH Dip as Exchange Supply Hits All-Time Low

TLDR

• Ethereum whales added 510K ETH since ETH dipped below $1,600 on June 5
• ETH is trading around $1,783–$1,790, struggling to reclaim the 20-day EMA at $1,796
• US institutional demand remains weak; spot ETH ETFs saw just $22.5M in inflows after four straight outflow days
• ETH exchange supply has dropped to an all-time low of 14.5 million ETH
• $2,000 is the key level bulls need to break; failure to hold $1,750 could push price toward $1,550

Ethereum is trading around $1,783–$1,790 at the time of writing, down roughly 2.5% in the last 24 hours. The price has recovered from a dip toward $1,500 earlier this month but is still stuck below key moving averages.

Large ETH holders, known as whales, have been buying during the recent weakness. Wallets holding between 10,000 and 100,000 ETH have added around 510,000 ETH since June 5, when price approached $1,500. That buying helped push ETH back toward the $1,800 area.

Retail investors have not followed. Wallets holding between 100 and 10,000 ETH saw minimal changes during the same period. Smaller holders appear to be sitting on the sidelines.

Analyst Ted, known on X as @TedPillows, weighed in on the setup. He noted that ETH is still holding above the $1,700–$1,750 support zone and suggested that if this level holds, Ethereum could see another rally toward $1,900. His view aligns with what several chart analysts are watching as the short-term trigger level.

Institutional Demand Still Weak

US-based demand has not kept pace with whale activity. The Coinbase Premium Index, which tracks US buyer sentiment, has improved slightly but remains below neutral. US spot Ethereum ETFs recorded $22.5 million in net inflows recently, but that came after four consecutive days of outflows. The products have only seen three inflow days since March 8.

Despite the weak sentiment, staked ETH has hit a record 39.83 million ETH, showing long-term holders are not moving their coins.

ETH’s exchange supply has also dropped to a historic low of just 14.5 million ETH across all exchanges. Less supply on exchanges can mean fewer coins available to sell, which tightens the sell-side pressure.

Key Levels to Watch

On the charts, Ethereum sits below its 20-, 50-, and 100-day EMAs, which cluster between $1,800 and $2,115. The 20-day EMA at $1,796 is the first hurdle. Above that, resistance sits at $1,909, $1,962, and then $2,019.

Analysts point to $1,900–$2,000 as the range ETH must reclaim to shift out of its current recovery phase. If bulls push above $2,000 with strength, the next targets are $2,500 and then $2,700.

On the downside, support sits at $1,741, then $1,524. A drop below those levels could open a move toward $1,400, an area that acted as a strong accumulation base in April last year.

The RSI sits around 45, suggesting selling pressure is fading but momentum has not yet turned bullish.

ETH exchange supply sitting at all-time lows remains the most recent data point, with on-chain metrics continuing to show supply tightening even as price consolidates.

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