Ethereum is sending mixed signals as whale activity plummets while the price remains near key long-term support zones.
Ali Martinez says that large Ethereum trades are down 86.6%, while The Great Matsbee points to cycle support around $1,510 as a likely deciding level. $ETH Forms a stronger bottom.
Ethereum whale activity drops by 86.6% due to slowdown in large transactions
Whale activity on the Ethereum network has sharply decreased over the past two weeks, according to on-chain data shared by cryptocurrency analyst Ali Martinez.
Martinez said in a post on
Ethereum whale transaction. sauce: Ali Martinez (@ali_charts)
This graph tracks daily whale transactions on the Ethereum network and shows a clear drop in activity following a spike earlier this month. The number of transactions continued to increase from June 5th to June 16th, but fell to the lowest level during this period on June 17th.
Whale transactions typically refer to large transfers made by major holders, institutions, or high-net-worth investors. Because these participants control large amounts of capital, traders often monitor their activities for clues about market sentiment and liquidity.
However, data alone does not reveal whether whales are buying and selling, or simply moving less money between wallets. A decline in large trades may reflect reduced trading activity, fewer market participants, or a wait-and-see attitude during a period of uncertainty.
This decline comes as Ethereum is recovering from recent lows around $1,500 and approaching the psychologically important $2,000 level. The decline in whale activity could suggest that large investors are waiting for stronger confirmation before increasing their exposure.
For now, the sharp decline in whale trading indicates a decline in network activity among Ethereum’s largest holders, but the impact on the broader market will likely depend on whether the slowdown continues in the coming days.
Ethereum gains support at key cycle level, analysts say
According to crypto analyst Great Matsbee, Ethereum may be trading near a historically significant support zone.
In a post about X, analysts suggested that proprietary metrics indicate that: $ETH Despite recent market weakness, we are in favorable territory to maintain our bullish position.
$ETH/USD weekly cycle support. sauce: Great Matsbee (@matthughes13)
weekly magazine $ETHThe /USD chart highlights several cycle-based support and resistance levels derived from previous market movements. Ethereum is currently trading around $1,510, a level marked as the “3-cycle” support zone.
According to the chart, this area has repeatedly acted as a floor during past corrections. Ethereum has rebounded towards the $1,700-$1,800 range after recently testing this zone, suggesting that buyers are looking to defend the support.
This chart also identifies higher cycle levels near $2,230 and $3,295, which could be potential upside targets. $ETH I continue to recover. Above these levels, the next major area of resistance appears around $4,869.
While this indicator does not guarantee a reversal, Great Matsbee argues that Ethereum’s current position close to long-term support strengthens the bullish case.
For now, traders $ETH Whether the momentum from the support zone can continue to build or new challenges await in this area. A sustained move above recent lows would support the view that Ethereum is forming a long-term bottom.
