Ether (ETH) is navigating a complex and volatile trading environment, caught between significant macroeconomic pressures and a powerful undercurrent of institutional and whale accumulation. The price of ETH has shown considerable weakness, recently falling to the $2,400 support zone and facing stiff resistance on recovery attempts. On July 1, ETH price action was particularly bearish, with the asset breaking below the critical $2,460 support level during the 04:00 UTC hour, leading to sustained selling pressure. This culminated in a sharp dip to $2,404.47 during the 14:00 UTC hour, accompanied by a session-high volume spike of nearly 380,000 ETH. This price weakness is occurring amid a broader market downturn influenced by renewed political and fiscal uncertainty in the United States, particularly a high-profile dispute between prominent business figures and political leaders over major spending legislation, which has rattled investor confidence in regulatory stability and future economic policy.

Institutional Conviction Grows Despite Market Volatility

Despite the bearish short-term price action, a compelling counter-narrative is emerging from the corporate world. A growing number of publicly traded companies are aggressively adding Ether to their balance sheets, signaling a profound shift in how institutional players view the asset. SharpLink Gaming (Nasdaq: SBET), for instance, recently disclosed the acquisition of an additional 9,468 ETH, bringing its total holdings to a staggering 198,167 ETH and cementing its status as the largest publicly traded holder of Ethereum. SharpLink Chairman and Ethereum co-founder Joseph Lubin framed the move not as speculation, but as a strategic alignment with the burgeoning digital economy, calling ETH a “strategic currency.” This sentiment was echoed by BitMine (NYSE American: BMNR), which announced a $250 million private placement, backed by industry heavyweights like Pantera and Galaxy Digital, specifically to fund an Ethereum treasury strategy. BitMine plans to designate ETH as its primary treasury reserve asset, highlighting its dominance in stablecoins and smart contracts as key drivers for its long-term value proposition.

Whale Accumulation Hits Levels Not Seen Since 2017

This institutional buying is mirrored by historic accumulation patterns among Ethereum's largest individual holders, or “whales.” On-chain analysis from sources like Glassnode reveals a massive surge in whale activity. For nearly a week, daily net accumulation by wallets holding between 1,000 and 10,000 ETH has surpassed 800,000 ETH. The trend peaked on June 12, when these large wallets added over 871,000 ETH in a single day—the largest net inflow recorded in years. According to Glassnode analysts, this scale of sustained buying by large entities has not been observed since the bull market of 2017. This aggressive accumulation during a price downturn suggests that sophisticated, large-scale investors perceive the current price levels as a significant buying opportunity, strategically positioning themselves for future catalysts, potentially including the launch of spot Ether ETFs.

ETH Price Analysis: Key Levels for Traders to Watch

From a technical standpoint, Ether's price chart tells a story of conflict. The recent rejection near the $2,673 level initiated a sharp downturn, breaking through initial support and establishing a bearish trend structure of lower highs and lower lows. The ETHUSDT pair is currently trading around $2,598, fighting to reclaim the psychological $2,600 mark after a 24-hour low of $2,432.82. Immediate resistance lies at the $2,650 level, with the recent peak of $2,679.99 acting as a major hurdle. On the downside, the $2,400-$2,430 zone has emerged as critical support. A sustained break below this area could open the door for a deeper correction. However, the immense whale buying provides a strong potential floor. The ETH/BTC ratio, currently at approximately 0.02358, shows Ether's relative weakness against Bitcoin during this downturn, though it has seen a slight recovery in the last 24 hours. Traders should closely monitor the battle between sellers driven by macro fears and the formidable buying pressure from institutions and whales. A reclaim of the $2,650 resistance on high volume could signal that the accumulators are beginning to overwhelm sellers, potentially triggering a sharp reversal.