Ethereum’s whale activity plunged 86.6% as large transactions fell from 2,194 on June 5 to just 294 on June 17, a shift reported by on‑chain analyst Ali Martinez, while the coin’s price lingered around the $1,510 long‑term support level.
Sharp Decline in Large Ethereum Transactions
Data from Martinez’s charts show a pronounced dip after a brief surge between June 5 and June 16. The daily count of whale‑size moves dropped to its lowest point in the observed period on June 17, indicating a slowdown in high‑value activity.
Whale transactions typically involve institutional investors, high‑net‑worth individuals, or major holders who can sway market liquidity. A contraction in these moves does not automatically signal buying or selling pressure; it may simply reflect reduced fund transfers among large wallets.
Price Hovering Near a Key Support Zone
Crypto commentator The Great Mattsby highlighted the $1,510 threshold as a pivotal cycle support that could determine whether Ethereum establishes a sturdier bottom. Should the price breach this level, investors might reinterpret the market’s risk appetite and adjust positions accordingly.
Analysts watch the interplay between whale activity and price levels to gauge broader market sentiment. With fewer large transactions and price stability near a critical support, the blockchain asset remains in a delicate equilibrium that could attract cautious investors seeking a potential rebound.