On-chain ether’s proved pretty resilient, holding first support around the $2,500 mark, amid last week’s ETH ETF outflows and evolving institutional flows. In the last 24 hours, the digital currency traded between $2,499.39 and $2,580.53. It rose to $2,5403 on June 14, or a drop of 0.88%.
Ether, meanwhile, has pulled back from recent highs at or near $2,870. Still, it remains firmly above what has long been a key support area, seen around $2,500. This psychological and technical level has historically been a key psychological technical threshold for Ether.
As a result, data shows continued accumulation by whale and shark wallets, possibly setting a key price floor for Ether. Wallets holding between 1,000 and 100,000 Ether have net added a total of 1.49m Ether over the last 30 days. This group has grown its total combined holdings by 3.72%, and they currently hold 26.98% of the entire supply of all public Ether.
Ether hit a high of about $2,580 in the wee hours and confidently rolled from there to an almost 9% drop. It spent a few hours under the $2,500 mark before bouncing back and closing around $2,518.76.
Significantly, U.S.-listed spot Ether ETFs saw $2.2 million in net outflows on Friday, ending a 19-day long inflow streak. As Santiment analysts noted, whenever smaller, retail-driven wallets have been cashing out profits, larger wallets have been steadily hoarding more Ether.
This trend was even further underscored by large holders of Ether—whales—increasing their share of supply to 27%. This shift in behavior across whale and shark wallets is indicative of strong conviction in the long-term value of Ether.
