Ethereum Rises 0.235% Amid Market Volatility, Whales Buy Dip

Ethereum's latest price was $2533.76, up 0.235% in the last 24 hours. The cryptocurrency has shown relative stability compared to other altcoins, which have experienced significant losses. Ethereum's performance has been characterized by a sideways movement, with minor daily losses but overall strength on a monthly scale. This stability comes after a period of volatility and a 15-day squeeze, which followed a brief recovery above a certain level after crashing to a year-low in April.

Despite the recent pullback, Ethereum remains in a buying range. The market's next move has been indecisive, with attempts to break higher being met with resistance. The key resistance level to watch for a potential breakup is $2,788, with a surge above this level potentially rallying the market through $3,000 to retest the $3,213 level. Conversely, if the price continues to decline, especially below the important $2,320 support, the lower discount price to keep in mind would be the $2,104 and $1,873 support levels, bringing a retest at the broken resistance line.

On-chain trading and the movement of smart money have been diversifying, with a balance of maturity and speculative experimentation. The bulk of smart net buying is concentrated on Ethereum and Base, attracting serious attention from high-level wallets and advanced trading operations. Leading the charge of top performers are established DeFi projects like Maker (MKR), Aave (AAVE), and Uniswap (UNI), which directed net inflows on Ethereum toward those assets. These inflows underscore a trend of allocating money with caution, with capital flowing into dependable and useful projects.

Beyond the conventional DeFi assets, new stories are starting to pull in attention. SPX6900, a meme coin on Ethereum, notched up significant net smart money buys, placing it firmly in the top five. The AI agent category is topped by AIXBT, which also leads in Base-based assets. Its growing traction is part of a larger movement in DeFi toward on-chain automation and artificial intelligence. As DeFi users seek new ways to generate yield, AI-native protocols and agent-driven financial tools are likely to see sustained and perhaps even burgeoning interest.

In a recent update, crypto analyst CRYPTOWZRD noted that Ethereum ended the day on a bearish note, mirroring Bitcoin’s decline. This synchronized drop suggests a potential rise in market volatility in the coming days. The analyst remains cautiously optimistic about Ethereum’s medium- to long-term outlook, particularly for ETHBTC. He stated that ETHBTC should see further upside in the future, suggesting that the current retracement could simply be a temporary pause before a larger upward continuation. However, he warns that the weekend might bring renewed volatility.

Another factor that could shape Ethereum’s movement is the transition in traditional markets in the monthly and weekly time frame. Ethereum’s monthly candle closed strongly bullish after five consecutive months of weakness. This recovery could signal the beginning of a broader trend reversal, even if short-term movements remain uncertain. Despite the positive monthly performance, the weekly candle remained indecisive, leaving traders with mixed signals going into the weekend. As a result, the analyst plans to pay close attention to Ethereum’s intraday chart structure in the coming days, seeking opportunities to capitalize on short-term setups as they develop.

Ethereum price pulled back in the past three days as traders adjust their positions for June, its historically worst month. Ethereum has declined for three consecutive days, hitting a low of $2,500. Despite the pullback, it has outperformed most altcoins, many of which have fallen more than 15% from their highs this month. ETH retreated ahead of June, which is usually its worst month, because of the start of summer. There are signs that the coin is cheap, as the closely-watched MVRV ratio has moved to minus 0.074. The MVRV ratio compares the market value and the realized value, with a reading of less than 1 signaling that an asset is undervalued. There are also signs that Ethereum whales are buying the dip. They hold 103.5 million ETH coins, up from this week’s low of 103.45 million. Whale purchases is a highly bullish indicator, suggesting that large investors are confident in Ethereum’s future prospects.