Whales Unload 19,441 $ETH at a Loss, Sending a Memo Straight to Bulls: Good Luck 🤞

Two large Ethereum holders sold a combined 19,441 ETH, worth approximately $31.6 million, as the altcoin extended its bearish structure and slipped below the $1.7K support to a low of $1.5K before rebounding. According to Arkham data, one whale deposited 6,855.13 ETH into Binance, valued at $11.02 million. The position had been accumulated in February and March at an average price of $1,991, meaning the sale at current levels would lock in a $2.62 million loss. Separately, an Ethereum ICO participant returned after six years of dormancy and began selling. Arkham data showed the whale has sold 12,586 ETH for $20.59 million at an average price of $1,636, with the address still holding 15,000 ETH worth $24.29 million.

Ethereum last traded at these levels two weeks ago, erasing even the slightest gains made in June. As of this writing, ETH traded at $1,651, down 1.68% on the day and adding to a 4% weekly decline. The jump in exchange deposits has translated into measurable shifts in supply metrics. Exchange Netflow spiked to 90.3K on June 24 before falling to -20K at press time, indicating heavy recent deposit activity. Ethereum's Exchange Supply Ratio climbed to a three-week high of 0.124, signaling reduced scarcity and increased selling.

On the technical side, Ethereum's Relative Strength Index (RSI) dropped to 33 before recovering to 37 at press time, with the bearish crossover confirming intense selling pressure. Analysts note that such market power dynamics have historically preceded further losses, with $1,500 cited as a critical support level. If prevailing conditions persist, ETH is likely to drop below $1.6K, though an improvement in broader crypto market sentiment could allow the rebound from the $1.5K slip to hold and $1,740 to be reclaimed.