Ethereum remained stuck near the $1,500 support zone after quarter-end selling, whale distribution and weak institutional flows kept the second-largest cryptocurrency under pressure despite continued corporate cash accumulation.
Summary
- Ethereum posted its first-ever consecutive quarterly loss, as end-of-quarter selling keeps ETH near $1,500.
- SharpLink and Bitmine have expanded their ETH treasuries, but whale sales and ETF outflows continue to weigh on prices.
- Analysts say reclaiming $1,700 is key, while losing $1,500 could expose ETH to further decline.
According to data from crypto.news, Ethereum (ETH) was trading around $1,580 at the time of writing, down about 5.3% over the past seven days and about 25% for the quarter. This drop completed Ethereum’s first-ever streak of three consecutive quarterly losses.
Selling pressure also intensified after the Ethereum Foundation announced a restructuring on June 23 that included a 20% headcount reduction and a 40% budget reduction, raising new concerns about development spending as large holders continued to reduce their exposure.
Corporate buyers, however, continued to pile into weakness. SharpLink disclosed another purchase of 10,000 ETH at an average price of $1,611, spending approximately $16.1 million to increase its treasury. Separately, Bitmine added 27,084 ETH over the past week, bringing its holdings above 5.7 million ETH. These purchases have so far failed to offset persistent selling by whales and institutional investors.
Bitmine, however, characterized the quarter-end weakness as partially technical rather than purely fundamental. In a June 30 article on Bitmine noted that Bitcoin was down 13% and Ethereum was down 25% for the quarter, saying the crypto was “sold off” during the reporting period.
On-chain activity remained mixed. According to Ali Martinez, Ethereum whales have sold approximately 550,000 ETH over the past week, adding substantial supply to the market. Lookonchain separately reported that a whale exited a 2,468 ETH position after holding it for over five months, realizing a loss of approximately $4.33 million after selling almost $1,572.
FG Nexus has also struggled with its Ethereum treasury strategy. According to Lookonchain, the company made approximately $86.6 million in losses after purchasing ETH near 2025 highs and then reselling at much lower prices.
Meanwhile, institutional demand has yet to recover. Spot Ether ETFs have seen approximately $274 million in cumulative net outflows in consecutive sessions without recording a single day of positive inflows. At the same time, capital continued to flow into U.S. artificial intelligence stocks and the recently launched SpaceX IPO, leaving fewer buyers available to absorb Ethereum’s selling pressure.
Technical structure leaves Ethereum stuck between $1,500 and $1,650
Ethereum’s daily chart continues to trade below a descending trendline that has capped every recovery attempt since May. The asset also remains below daily Supertrend resistance near $1,644, while the 78.6% Fibonacci retracement around $1,695 constitutes the next major resistance level if buyers regain control.
Momentum indicators have not yet confirmed a reversal. The daily RSI remains near 36, keeping Ethereum in bearish territory despite stabilizing above recent lows. The MACD began to flatten after weeks of declines but did not produce a decisive bullish crossover. On the 4-hour chart, Chaikin Money Flow has moved back above zero, suggesting buyers have started to return, although recovery remains limited while price remains below key resistance.
Derivatives positioning also presents a mixed picture. Liquidation data from CoinGlass shows that the largest cluster of short liquidations is between $1,590 and $1,600, while a much larger concentration of long liquidations has been building between around $1,530 and $1,545. A break above the upper bracket could trigger a short squeeze towards the $1,640-$1,700 region, while loss of the lower liquidity pocket could accelerate the sell-off towards the $1,500 psychological support.
Commenting on the market structure, crypto analyst Ted Pillows wrote:
“ETH is holding better than BTC now… Until Ethereum reclaims the $1,700 level, the chances of a new low will increase.”
His view aligns with the current technical situation, in which reclaiming $1,700 would invalidate the series of lower highs that have controlled price action for nearly two months.
Loss of $1,500 Support Could Expose Further Downside
The bearish case strengthens if Ethereum fails to defend the $1,500-$1,510 support band, which also corresponds to the recent low on the daily chart. A breakdown below this region would invalidate the current consolidation and expose upcoming downside targets near $1,400 before attention turns to the $1,200 zone being discussed by several market participants.
Macroeconomic conditions continue to add to uncertainty. Persistent US inflation, expectations of higher interest rates, geopolitical tensions in the Middle East and slowing decentralized finance activity have reduced risk appetite in digital assets.
Unless ETF flows stabilize, whale sales slow, and Ethereum reclaims resistance above $1,640 and ultimately $1,700, late-quarter weakness could continue to weigh on prices even as corporate treasuries continue to accumulate ETH.
Disclosure: This article does not represent investment advice. The content and materials presented on this page are intended for educational purposes only.
