Ethereum Holds Near $1,600 Supported by Whale Buying Despite Ongoing ETF Pressure

Ethereum US Dollar
-1.16%

FETH
-0.76%

Ethereum (ETH) held its trading above the $1,600 level, supported by buying from large investors, despite continued pressure from outflows from spot exchange-traded funds (ETFs).

According to market data, Ethereum traded near $1,655 on June 25, after temporarily falling below $1,600 during the recent sell-off in the cryptocurrency market. The coin recorded a decline of 0.93% over the past 24 hours, and 4.63% over the past week, with trading volume reaching about $15.42 billion.

Ethereum's price moved during the session between $1,557.87 and $1,677.86, while its market cap stabilized at around $199.55 billion, remaining the second largest digital asset by market cap.

Despite the limited recovery, the coin still trades below the main resistance area near $1,800. Technical data indicates the continuation of the downtrend that drove the price from the $2,300–$2,400 range to current levels between $1,600 and $1,700, while analysts believe that regaining upward momentum requires a clear break above $1,800.

On the other hand, spot Ethereum ETFs continue to exert pressure on the price, as SoSoValue data showed net outflows of $30.24 million on June 24, the fifth consecutive session of withdrawals. Fidelity's FETH fund topped the outflows list, recording withdrawals of $15.69 million.

This came after a session that saw larger outflows, with US spot Ethereum funds recording net withdrawals of $82.35 million on June 23, coinciding with the coin's failure to maintain short-term resistance levels.
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