Ethereum whale activity declined sharply over the past two weeks as large transactions fell 86.6 percent, while the cryptocurrency's price held near a major support zone around $1,510. Crypto analyst Ali Martinez reported that the number of large Ethereum transactions dropped from 2,194 on June 5 to 294, marking a significant reduction in network activity among major holders. The decline comes as Ethereum attempts to recover from recent lows near $1,500, with analyst The Great Mattsby identifying the $1,510 level as a key cycle-based support zone that has historically acted as a floor during previous corrections.
Ethereum Whale Transactions Drop 86.6% in Two Weeks
On-chain data shared by crypto analyst Ali Martinez shows whale activity on the Ethereum network has decreased substantially. In a post on X, Martinez stated that the number of large Ethereum transactions fell from 2,194 on June 5 to 294, representing an 86.6 percent decline.
The chart tracking daily whale transactions on the Ethereum network shows a clear decline in activity following a spike earlier this month. Transaction counts remained elevated between June 5 and June 16 before dropping to their lowest level in the period on June 17.
Whale transactions typically refer to large transfers made by major holders, institutions or high-net-worth investors. The data does not reveal whether whales are buying, selling or moving funds between wallets. A decline in large transactions can reflect reduced trading activity, lower market participation or a wait-and-see approach during periods of uncertainty.
The drop occurs as Ethereum attempts to recover from recent lows near $1,500 and approaches the $2,000 level. Lower whale activity may suggest that larger investors are waiting for stronger confirmation before increasing exposure.
Ethereum Holds Near $1,510 Cycle Support Zone
Crypto analyst The Great Mattsby stated in a post on X that a proprietary indicator signals ETH remains in a favorable area for bullish positioning despite recent market weakness. The weekly ETH/USD chart highlights several cycle-based support and resistance levels derived from previous market movements.
Ethereum is currently trading near $1,510, a level marked as the "3 cycles" support zone. According to the chart, this area has repeatedly acted as a floor during previous corrections. Ethereum recently tested the zone before rebounding toward the $1,700-$1,800 range.
The chart identifies higher cycle levels near $2,230 and $3,295, which could become potential upside targets if ETH continues to recover. Above those levels, the next major resistance area appears near $4,869.
FAQ
What happened to Ethereum whale activity in June?
Large Ethereum transactions fell 86.6 percent from 2,194 on June 5 to 294, according to on-chain data shared by crypto analyst Ali Martinez. Transaction counts dropped to their lowest level on June 17.
What support level is Ethereum currently trading near?
Ethereum is trading near $1,510, identified by analyst The Great Mattsby as a "3 cycles" support zone. This area has historically acted as a floor during previous corrections, and ETH recently tested this level before rebounding toward the $1,700-$1,800 range.
What are the next resistance levels for Ethereum?
The chart shared by The Great Mattsby identifies resistance levels at $2,230, $3,295, and $4,869. These levels are derived from cycle-based analysis of previous market movements.
