Ethereum dropped 2.94% over the past week to close at $1,577.12, trading below all major weekly moving averages. Net redemptions from U.S. spot Ethereum ETFs reached $8 million on June 29 as institutional sellers continued pulling capital from the asset. The token's weekly RSI stood at 30.13, with the Stochastic RSI at zero and the CCI at negative 161.22, all in deeply oversold territory, though none has triggered a reversal signal.
Ethereum Trades Below All Major Moving Averages
ETH ended the week at $1,577.12, a loss of $47.68 over the seven-day period. The token trades below its 20-week moving average of $2,008.92, its 50-week moving average of $2,937.96, and its 200-week moving average of $2,471.39. The Ichimoku Kijun line at $2,454.29 adds another layer of overhead resistance. Weekly volatility was 9.82%, placing the token in the middle of the near-term support and resistance bands.
Traders Union Analyst Sets Rebound Probability Below 20%
Anton Kharitonov, an expert at Traders Union, wrote that Ethereum is struggling to recover after a clear rejection from all major moving averages and entrenched bearish momentum. He noted that persistent outflows from U.S. spot ETH ETFs and a lack of institutional support reinforce selling pressure, despite some positive accumulation by large holders. Kharitonov stated that price action is likely to remain within the $1,425 to $1,725 band, with the probability of a meaningful rebound below 20% as long as the token stays under $1,725.
Whale Accumulation Diverges from Institutional ETF Outflows
Large holders withdrew approximately 500,000 ETH from exchanges in mid-June. Corporate treasuries such as Sharplink purchased 10,000 ETH, bringing its total above 886,000 ETH. BitMine also added to its holdings. Institutional money, however, continues to exit through regulated ETF channels. The divergence between whale accumulation and institutional ETF outflows suggests the market has not reached consensus on value at current prices.
Ethereum Developers Launch New Devnets and Polygon zkEVM Mainnet Beta Shuts Down
Ethereum developers launched new devnets and advanced research on post-quantum cryptography. The July 1 shutdown of the Polygon zkEVM Mainnet Beta may also affect users who have not yet withdrawn their assets. These milestones have not translated into near-term price support. The gap between protocol improvement and price performance has widened consistently since early 2026.
Key Support at $1,425 and Resistance at $1,725
The $1,425 support level is the key threshold to watch this week. A sustained break below it would confirm further downside risk. A recovery above $1,725 would be the first signal of a potential trend reversal.
FAQ
What caused Ethereum to drop 2.94% over the past week?
Ethereum dropped 2.94% to $1,577.12 due to net redemptions of $8 million from U.S. spot Ethereum ETFs on June 29 and persistent institutional selling pressure.
What did Traders Union analyst Anton Kharitonov say about Ethereum's rebound probability?
Anton Kharitonov stated that the probability of a meaningful rebound is below 20% as long as Ethereum stays under $1,725, with price action likely to remain within the $1,425 to $1,725 band.
How much Ethereum did large holders withdraw from exchanges in mid-June?
Large holders withdrew approximately 500,000 ETH from exchanges in mid-June, while corporate treasuries such as Sharplink purchased 10,000 ETH, bringing its total above 886,000 ETH.
