Key Highlights
- Ethereum climbed back above $1,620 after a 97% surge in trading volume, with ETH rising 3.74% in the past 24 hours.
- Spot Ethereum ETFs recorded seven straight weeks of outflows, with $273 million withdrawn last week.
- Large companies continue buying Ether, as SharpLink Gaming and Bitmine added thousands of ETH despite recent market weakness.
Ethereum (ETH) has climbed back above $1,620 following a short-term breakout after several days of decline. At the time of this writing, ETH is trading for $1,628, up 3.74% over the last 24 hours, though it remains down about 6% over the past week.
The rebound comes alongside a 97% increase in trading activity, with daily volume surpassing $11 billion. Ethereum’s market capitalization now stands at approximately $196 billion.
Before the breakout, Ethereum had spent the previous four days moving between about $1,550 and $1,600. During that period, the price showed very little movement as buyers and sellers struggled to take control. The market had also been under pressure from several weeks of selling, making many investors cautious about where the price could move next.
ETF outflows continue to pressure price
A major reason for that pressure has been continued outflows from spot Ethereum exchange-traded funds (ETFs).
According to data from SoSoValue, the funds recorded net withdrawals of $12.85 million on June 26. That marked the seventh consecutive week investors pulled money out of the products, making it about $273 million in withdrawals in a week.
BlackRock’s ETHA fund made up the biggest share of those withdrawals, with about $236 million leaving the fund.
Ethereum Foundation faces fresh challenges
Ethereum has also faced challenges from within its own ecosystem. The Ethereum Foundation recently announced a 20% reduction in its workforce and 40% cut to its operating budget.
At the same time, developers delayed the highly expected Glamsterdam network upgrade until the second half of 2026. Many investors had been looking forward to that upgrade because network improvements can sometimes boost confidence and attract more activity. With the delay, the market has one less major event to look forward to in the near future.
Big investors continue to buy Ether
Despite all this, Ethereum has managed to recover a bit. One reason is that large investors have not lost confidence in the assets.
For instance, SharpLink Gaming recently resumed buying Ether after staying away from the market for about eight months.
The company reportedly purchased nearly 40,000 ETH worth around $62.4 million last week.
In addition, Bitmine, another ETH treasury firm, announced that it added roughly 27,084 ETH to its holdings, bringing its holdings to about $9.9 billion.
Although these purchases have not caused a major jump in price on their own, they show that some companies are still willing to build their Ethereum holdings while prices remain below recent highs.
Ethereum still faces strong resistance
Meanwhile, the token is still facing some resistance between $1,640 and $1,750. It is still trading below a downward trendline that has been in place since the end of April, showing that the broader trend has not yet changed.
On shorter timeframes, resistance has formed around $1,650, and repeated attempts to move above this level have so far failed.
Meanwhile, the Relative Strength Index (RSI) is near 38.58, showing Ethereum has moved away from deeply oversold conditions but still has more room to surge if this momentum continues.
Data from CoinGlass also shows that many leveraged trading positions are settling just above $1,640, with another large group close to $1,650.
If Ethereum climbs above those levels, it could force some traders betting against the price to close their positions, adding more buying pressure and helping ETH move closer to the $1,700 to $1,750 range.
Also Read: Aster Burns 2.9M Tokens in First Buyback Under New Tokenomics
