Ethereum's Price Under Pressure as Corporate Adoption and Whale Accumulation Diverge

Ethereum (ETH) is navigating a complex and contradictory market landscape, with its price struggling to maintain key support levels amidst broader macroeconomic uncertainty. As of recent trading sessions, ETH has been hovering around the critical $2,500 mark, with the ETHUSDT pair trading at $2,544.07 after a 24-hour range between $2,514.18 and $2,585.88. This price action comes amid a wider crypto market selloff, which saw the total market capitalization decline. The downturn has been exacerbated by renewed political volatility in the U.S., particularly a high-profile dispute between Elon Musk and Donald Trump over fiscal policy, which has injected uncertainty into investor sentiment regarding regulatory stability and economic outlook.

Despite the bearish short-term price action, on-chain data reveals a powerful undercurrent of accumulation by large-scale investors. According to analysis from crypto intelligence platform Santiment, wallets holding between 1,000 and 100,000 ETH—often categorized as sharks and whales—have significantly increased their holdings. Over the past 30 days, these influential wallets have added a staggering 1.49 million ETH to their reserves. This represents a 3.72% increase in their combined holdings, bringing their total control to 26.98% of the entire circulating supply of Ether. This trend stands in stark contrast to the behavior of smaller, retail-driven wallets, which have reportedly been taking profits. The divergence suggests that while retail sentiment may be wavering, long-term conviction among Ethereum's most significant stakeholders is strengthening, potentially creating a strong price floor.

Public Companies Double Down on Ethereum as a Treasury Asset

The conviction demonstrated by whales is mirrored in the corporate world, where a growing number of publicly traded companies are strategically integrating ETH into their balance sheets. SharpLink Gaming (Nasdaq: SBET) recently announced it had acquired an additional 9,468 ETH, valued at approximately $22.8 million, between June 23 and June 27. This purchase elevates its total holdings to 198,167 ETH, cementing its status as the world's largest publicly traded holder of Ethereum. SharpLink's Chairman, Ethereum co-founder Joseph Lubin, emphasized that this move is part of a strategic push to align with the burgeoning digital economy, framing ETH not merely as a speculative asset but as a foundational "strategic currency" for future digital commerce.

This trend was further underscored by BitMine (NYSE American: BMNR), which disclosed a $250 million private placement specifically to fund an ambitious Ethereum treasury strategy. With backing from powerhouse investors like Pantera, Founders Fund, Galaxy Digital, and Kraken, BitMine intends to designate ETH as its primary treasury reserve asset. The company plans to actively deploy these assets in staking and various DeFi protocols to generate yield. This institutional embrace from companies listed on major U.S. stock exchanges provides a powerful long-term bullish signal, suggesting that sophisticated investors view current price levels as a strategic entry point, even as spot Ethereum ETFs in the U.S. registered their first day of net outflows recently after a 19-day streak of inflows, as noted by Farside Investors.

Technical Outlook: ETH Battles at a Critical Juncture

From a technical standpoint, Ethereum is at a pivotal point. After a recent rejection from the $2,870 resistance area, the price has fallen back to test the crucial $2,400-$2,500 support zone. On July 1, ETH broke below the $2,460 support level around 04:00 UTC, leading to sustained downside pressure that culminated in a dip to $2,404.47 during a high-volume selloff in the 14:00 UTC hour. The ETH/BTC pair is also showing weakness, trading at 0.02334 BTC, down over 1.1% in the last 24 hours, indicating that Ethereum is underperforming Bitcoin in the immediate short term. For traders, the key levels to watch are the support around $2,400 and the immediate resistance near $2,580. A decisive break below support could open the door for further downside, while a strong bounce backed by volume could signal that the combined buying pressure from whales and institutions is sufficient to absorb the selling and initiate a recovery.