Ethereum’s (ETH) Price: Can ETH Avoid a Fourth Straight Losing Quarter?

TLDR

• BitMine bought 27,084 ETH last week, its fourth-lowest weekly purchase this year, bringing total holdings to 5.7 million ETH.
• US spot Ethereum ETFs posted a seventh straight week of outflows, losing $273.3 million, the largest weekly drop since January.
• Sharplink resumed ETH buying after an eight-month pause, purchasing 39,196 ETH worth $62.4 million over three days.
• Ethereum is down nearly 50% since the start of the year and risks closing three straight quarters in the red.
• ETH derivatives data shows $4.09 billion in short positions versus $1.31 billion in longs, pointing to bearish trader sentiment.

Ethereum’s price sits near $1,580 as the network faces a mix of slowing institutional buying and steady fund outflows. The token has struggled to hold above key support levels through most of June.

BitMine Immersion, the largest corporate holder of ETH, bought 27,084 ETH last week. That brought its total stash to 5.7 million ETH, worth about $9.22 billion. This purchase ranks as the company’s fourth-smallest weekly buy of the year.

BitMine also added 160,480 ETH to its staking pool. Its staked holdings now total 4.879 million ETH, generating $211 million in yearly staking income.

BitMine Chairman Thomas Lee pointed to quarter-end “window dressing” as a reason for the slowdown. He noted that investors often trim positions in assets that have fallen over the past few months, even when other news is positive.

ETF Outflows Continue to Pile Up

US spot Ethereum ETFs recorded their seventh consecutive week of net outflows. The funds lost $273.3 million last week alone, the steepest drop since January, according to SoSoValue data.

BlackRock’s iShares Ethereum Trust led the redemptions. The pattern shows retail and fund investors pulling back even as some corporate treasuries keep buying.

That divide created an unusual split in the market. Treasury firms added ETH to their balance sheets while ETF holders moved money elsewhere.

Sharplink, another major ETH treasury holder, returned to buying after sitting out for eight months. Onchain data from Lookonchain showed the firm purchased 39,196 ETH worth $62.4 million across three days last week.

Arkham data traced the first batch of purchases to FalconX on Thursday. Sharplink added more on Friday, followed by larger over-the-counter trades over the weekend.

Sharplink held 876,285 ETH as of June 21, placing it second behind BitMine among public ETH treasury companies. The firm declined to explain the timing of its renewed buying.

Quarterly Losses and Bearish Positioning

Ethereum has dropped nearly 50% since January. That slide briefly let Tether’s USDt token pass ETH in total market capitalization last week.

Analyst Max Crypto, in a post on X, said ETH risks closing three straight quarters in the red for the first time. He framed the streak as a structural warning beyond simple price weakness, and traders are now watching whether the asset can avoid a fourth straight losing quarter.

Derivatives data from CW showed high-leverage short positions on ETH reached $4.09 billion. Long positions stood at $1.31 billion on the same tracker, signaling that traders are leaning toward further declines.

On the technical side, ETH remains below its 20-, 50-, and 100-day Exponential Moving Averages, which sit between $1,670 and $2,004. The Relative Strength Index reads 35, and the Stochastic indicator sits at 26, both pointing to ongoing downside pressure with limited signs of recovery.

Analyst Daan Crypto Trades noted on X that Ethereum has failed every attempt to reclaim previous support levels. He said a move back above $1,750 would mark the first sign of strength on higher timeframes, while a drop below the current $1,500 support, which has held twice before, could send the price toward April 2025 lows.

Immediate resistance for ETH sits at $1,626, followed by $1,670 and $1,741. On the downside, support lies near $1,524, with a deeper floor at $1,404.

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