Ethereum whale activity plummeted as the number of large transactions on the network dropped by 86.6%.
This development comes at a time when ETH is recovering to a key price level, while Derivative indicators and trading positions suggest that sentiment remains bullish but participation has weakened.
- The number of ETH whale transactions decreased from 2,194 to 294, a drop of 86.6%.
- Open Interest decreased by 11.45% to $10.4 billion, but Funding Rates increased by 34.71% to 0.01278.
- ETH is being held back by the $1,800 level, while nearby support levels are $1,720 and $1,562.
Large transactions on Ethereum have dropped sharply.
The number of Ethereum whale transactions has decreased by 86.6%, from 2,194 transactions on June 5th to just 294 in the most recent reading. This indicates a significant slowdown in large-value transfers on the network.
With ETH approaching a key recovery zone, this decline highlights the reduced participation of large holder in network activity. While the available data doesn't yet indicate a direct sell signal, it reflects lower confidence from large-cap Capital .
Derivative cooled down, but Longing positions remained dominant.
ETH 's Open Interest decreased by 11.45% to $10.4 billion, indicating a contraction in Capital flows and open positions in the futures market. Conversely, Funding Rates increased by 34.71% to 0.01278, meaning Longing positions are still paying fees to hold their positions.
This divergence suggests that bullish sentiment persists, but without broader participation. In other words, fewer people are trading while the rest still lean towards the expectation of further ETH gains.
Binance remains clearly leaning towards the buy side.
On Binance , the Top Trader Longing/ Short Ratio is 2.81, with 73.76% of accounts being Longing compared to 26.24% being Short. These figures indicate that experienced traders still hold a bullish view.
However, excessively concentrated Longing positions also increase risk if prices unexpectedly weaken. When the market leans strongly in one direction, dips can trigger mass closing of positions.
Ethereum remains blocked below the $1,800 region.
ETH is trading near $1,750 after bouncing from support around $1,562, but the recovery stalled after touching near $1,800. On the daily chart, the MACD remains bullish and the histogram bars are expanding in green, indicating improved buying pressure.
The $1,720 mark is currently the nearest support zone to hold, while $1,800 is the main barrier to a rebound. If ETH breaks above and holds above $1,800, the $2,000 region could become the next target; conversely, the market could retest $1,720 or even further to $1,562.
Summary
Ethereum is currently in a technical rebound but lacks strong participation from whales and Derivative Capital flows. The $1,800 level remains a crucial point for ETH 's short-term upward trajectory.
