Ether struggles to hold $2,400 as whale sell-offs accelerate, but institutional buyers and analysts remain optimistic about a potential summer rally.
Ethereum ETH $2 600 24h volatility: 6.2% Market cap: $313.51 B Vol. 24h: $24.74 B is facing renewed selling pressure as it struggles to maintain the crucial $2,400 level. After starting the week on a high note, ETH dipped to $2,390 in the early hours of Wednesday before recovering to trade around $2,439 at the time of writing.
In the past 24 hours, ETH has lost around 1% of its value, wiping out around $6 billion in market capitalization. This decline comes amid increased whale sell-off. As per the on-chain data shared by Lookonchain, an Ethereum ICO participant sold another 501 ETH on July 1.
An #Ethereum ICO participant sold another 501 $ETH 9 hours ago.
He bought 16,000 $ETH(cost $4,960) at ~$0.31 through 2 wallets during the GENESIS, and later purchased 804 $ETH(cost $369K) from exchanges at $459 in 2017.
Since April 2021, he has sold 14,394 $ETH($50.11M) at an… pic.twitter.com/KueaP16Qs5
— Lookonchain (@lookonchain) July 2, 2025
This participant has now sold a total of 14,394 ETH since April 2021 for around $50.1 million at an average price of $3,48. However, they still hold around 2,410 ETH valued at $5.85 million.
Another whale, who had been dormant for three years, deposited 2,450 ETH, worth around $5.94 million, to Kraken. This whale originally withdrew the same amount from Kraken in September 2022 when ETH was priced at $1,305, locking in a profit of $2.74 million.
A whale deposited 2,450 $ETH($5.94M) into #Kraken after 3 years of dormancy, locking in a $2.74M profit.
He originally withdrew 2,450 $ETH($3.2M at the time) from #Kraken at $1,305 on Sep 23, 2022, with an unrealized profit of over $6.6M at the peak.https://t.co/1nTku1ZkgP pic.twitter.com/7NnQjShxSf
— Lookonchain (@lookonchain) July 2, 2025
Interestingly, the unrealized profit for this whale’s holding was over $6.6 million at the peak.
Institutional Buyers Step In Amid Optimism
Despite the ongoing whale sell-off, analysts are institutional investors remain bullish. Nasdaq-listed SharpLink Gaming recently added another 4,951 ETH, worth around $12.4 million, through an over-the-counter purchase.
SharpLink Gaming(@SharpLinkGaming), which previously announced a purchase of 188,478 $ETH($473.6M) at $2,513, bought another 4,951 $ETH($12.4M) via OTC in the past 6 hours.https://t.co/cW8EvzSFxt pic.twitter.com/OMFNSeLE4A
— Lookonchain (@lookonchain) July 1, 2025
This follows the company’s earlier purchase of 188,478 ETH at $2,513, showcasing continued institutional interest in the second-largest cryptocurrency.
Crypto analyst Ether Wizz recently shared a bullish price outlook for ETH, noting that the cryptocurrency has followed a Wyckoff accumulation pattern. He highlighted ETH’s recovery from $1,400 in April to a 100% rally, followed by a 25% pullback to retest support at $2,145.
$ETH Wyckoff accumulation pattern has played out perfectly so far.
Dump below $1.4K, followed by a 100% pump.
After that, ETH went down 25% and retested its crucial support level.
Now, ETH is starting to move up again and the next major target is $3K.
IMO, $3K-$3.2K in July… pic.twitter.com/EQ56bDZ4Wa
— Ether Wizz (@EtherWizz_) July 1, 2025
Ether Wizz predicts ETH could rally to $3,000–$3,200 by the end of July and potentially reach $4,000 by the end of September. Currently, CoinMarketCap data shows ETH trading about 50% below its all-time high of $4,891 set in 2021.
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