Ethereum whales add $617 million, But ETH price still falls 4%

Quick Take:

• Ethereum whales have accumulated 350,000 ETH worth $617 million over the past five trading days.
• Despite massive accumulation and ongoing price recovery, US Ethereum spot ETFs recorded $42 million of outflow, indicating fading institutional interest in the asset.
• Price action hints ETH rally or trend could only be reversed if it reclaims the $1,820 level; otherwise, the bearish outlook remains intact.
• ETH's daily chart also hints that it is currently at a make-or-break point; a slight fall or the price below $1,690 could trigger further downside moves in the asset.

Ethereum (ETH price bleeding, no worries, whales are back. That's right, today, June 20, 2026, a well-followed crypto expert shared a report on X, which has garnered widespread attention from market participants.

Ethereum whales add $617 million of ETH

According to the shared report, Ethereum whales have accumulated a massive 350,000 ETH, worth $617 million, over the past five days. This massive accumulation was recorded when the price was in pain and even lost over 4% of its value.

This suggests that top players watch the current level as an ideal buying range. In fact, they see ETH as a strong long-term investment.

But for the past two consecutive days, ETH seems to be making progress, as it has formed two consecutive green candles on the daily chart. Today, data from CoinMarketCap shows that ETH climbed 1.40% over the past 24 hours and was trading at $1,726.

Despite the price recovery, ETH trading volume plummeted notably by 25% to $6.71 billion, indicating a lack of market participation during the same period.

Ethereum price prediction and $42 million outflows

Amid this uncertainty, the CEO of a giant asset manager, ARK Invest, Cathie Wood, made a bold prediction, noting that ETH could hit $180,000 by 2030. This prediction by the CEO is now spreading like wildfire and garnering widespread attention from crypto enthusiasts, as it points to a massive 10,460% of upside move from the current level.

In addition to these bullish developments, the on-chain dataset shares a different story. According to analytics platform SoSoValue, the US spot Ethereum exchange-traded funds (ETFs) continue to record outflows, even when the asset is recovering.

For the past two consecutive days, it recorded an outflow of $42 million, indicating that institutional investors remain cautious despite the recent surge in whale accumulation.

Ethereum (ETH) chart points to $1,820 as a key level for reversal

According to TradingView’s daily chart, the broader market structure of ETH remains bearish following the recent breakdown of the key support level of $1,800. A level that has acted as a strong floor for ETH since February 2025.

Meanwhile, ETH remains below the 200-day Exponential Moving Average (EMA), reinforcing its bearish outlook and suggesting that sellers continue to dominate the market.

Based on the current price action, ETH is currently getting support from an ascending trendline, which it has been following since June 5, 2026. In addition, the asset is also getting support from a horizontal level of $1,700 level.

The price action suggests the ETH upside move could only be possible if it clears the $1,820 level and closes the daily candle above it. If it does, ETH could see a massive price uptick.

On the other hand, if ETH falls or breaks down the support of the trendline could continue its bearish trend and may reach the $1,550 level in the coming days.

At press time, the ETH technical indicator Average Directional Index (ADX) — that measuress directional strength — stood at 37.31 above the key threshold of 25, indicating that the asset is exhibiting a strong directional trend.