Can Ethereum Hold $1,655 After Whales Step In?

Ethereum (ETH) carved a higher low near $1,655 as a venture-linked whale scooped up $42.6 million worth, holding firm while Bitcoin (BTC) sank to fresh lows.

Key Points:

Ethereum Splits From Bitcoin's Slide

Ethereum slipped to its weakest level in weeks, falling harder than the broader market through a punishing month. Over the period the token shed about 21%, a touch worse than the roughly 20% logged by Bitcoin. What broke the pattern was the timing.

When the market flushed lower on Jun. 24, Bitcoin slid below $63,000 to its lowest in about two weeks, as a cascade of liquidations triggered roughly $530 million in forced selling. Ethereum declined to follow, carving a higher low and defending the floor it had set earlier in the month, the first real crack in a bearish story that had run since the spring.

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Whales Absorb The Selling

Large wallets pulling coins off exchanges during a rout is the kind of move analysts read as conviction, not capitulation. On-chain trackers flagged exactly that as ETH fell. One address tied to a venture firm withdrew 25,560 ETH, worth about $42.6 million, on Jun. 24, draining supply from order books and feeding talk that smart money was building quietly.

The bid landed as the selling lost steam. Volume behind the slide peaked early in the month, then thinned even as prices kept sinking, and long-term holders kept accumulating through the drawdown. Spot Ethereum funds still bled, with roughly $82 million in net outflows underscoring how split the market had become.

Stablecoins parked on the network stayed near $156 billion, the largest pool of dollar-pegged tokens on any chain, leaving traders with dry powder rather than fleeing the chain as the price fell. The quiet absorption suggested patient buyers were treating the collapse as a discount, not an exit.

Ethereum Price Levels Hold

ETH now trades near $1,655, with the decisive line at $1,551, the higher low printed on Jun. 24. A daily close beneath it would snap the higher-low structure and reopen the early June floor near $1,505. To take back control, buyers must reclaim $1,683, then press toward $1,724 and eventually $1,765.

The standoff caps a brutal year for the second-largest token, now down about 60% from its record near $4,950 set in August 2025 and the worst performer among the majors. It tumbled from May's highs above $2,300 toward an early June capitulation below $1,700, then churned in that narrow band for weeks as rallies stalled near resistance and fund demand stayed choppy.

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