Key Highlights
- Ethereum has declined 23.5% over the past month, currently trading near $1,557
- Every significant whale cohort holding ETH now shows unrealized losses — a pattern not seen since 2019
- ETH spot ETFs are experiencing their seventh consecutive week of net outflows
- An Ethereum core developer highlights potential funding shortfall reaching $30M annually within months
- Critical support levels exist at $1,510–$1,500; resistance begins at $1,710
Throughout June, Ethereum has faced relentless downward pressure, sliding from levels above $2,000 down to approximately $1,557 as of June 26. This represents a monthly decline of 23.5%, with an additional 6.7% drop occurring within just the last seven days.
In a notable shift, Tether’s market capitalization has surpassed Ethereum’s for the first time ever — $186.06 billion compared to $185.66 billion — a significant indicator of how much ground ETH has lost in recent weeks.
Market analyst Ted Pillows commented via social media that Ethereum “tapped the lows again,” noting that “momentum is still weak due to broader market correction.” He suggested that if ETH manages to reclaim the $1,750 threshold, a potential relief rally could materialize in the coming month.
Looking at the daily price chart, Ethereum violated an ascending trendline that had held firm since February. This breakdown sparked rapid selling through $1,900, then $1,800, and ultimately down to current levels in the $1,550 range.
Major Whale Holdings Register Losses Unseen Since 2019
According to data from CryptoQuant, all significant Ethereum whale cohorts — including addresses containing more than 100,000 ETH — are currently experiencing unrealized losses. This phenomenon has occurred only one time previously, back in 2019, which ultimately marked a long-term price floor for the cryptocurrency.
Historically, when large holders capitulate, it has aligned with market bottoms rather than signaling further price deterioration. While smaller whale groups have entered loss territory more frequently, having the largest holders join them represents an exceptionally rare occurrence.
The Estimated Leverage Ratio (ELR) has simultaneously dropped from 1.11 down to 0.85 throughout the past three weeks. This decline indicates substantial closure or liquidation of leveraged trading positions, potentially reducing additional downside risk.
Persistent ETF Withdrawals and Development Funding Concerns
Spot Ethereum ETFs are approaching their seventh straight week of net capital outflows, with the present week trending toward becoming the most significant since January, based on SoSoValue tracking data.
Trent Van Epps, organizer of Protocol Guild who recently departed the Ethereum Foundation following a five-year tenure, has raised alarms about a funding shortfall for core protocol development. He calculates that Ethereum’s essential development work requires approximately $30 million annually, an amount the Ethereum Foundation’s treasury may struggle to consistently provide.
Van Epps noted that Protocol Guild has allocated nearly $40 million to developers across four years but emphasized this falls short of total requirements. He anticipates new funding organizations will emerge within the next several months to address the gap.
Present critical price levels include support at $1,510 and the psychologically important $1,500 level; overhead resistance stands at $1,710 and $1,774. The MACD indicator has turned negative once more, with the signal line positioned at -78.35.
