Ethereum is sending mixed signals as whale activity drops sharply while price holds near a major long-term support zone.
Ali Martinez says large Ethereum transactions have fallen 86.6 percent, while The Great Mattsby points to cycle support near $1,510 as a level that could decide whether ETH forms a stronger bottom.
Ethereum Whale Activity Falls 86.6% as Large Transactions Slow
Whale activity on the Ethereum network has dropped sharply over the past two weeks, according to on-chain data shared by crypto analyst Ali Martinez.
In a post on X, Martinez said the number of large Ethereum transactions fell from 2,194 on June 5 to 294, representing a decline of roughly 86.6 percent.
Ethereum Whale Transactions. Source: Ali Martinez (@ali_charts)
The chart tracks daily whale transactions on the Ethereum network and shows a clear decline in activity following a spike earlier this month. Transaction counts remained elevated between June 5 and June 16 before plunging to their lowest level in the period on June 17.
Whale transactions typically refer to large transfers made by major holders, institutions or high-net-worth investors. Because these participants control significant amounts of capital, traders often monitor their activity for clues about market sentiment and liquidity.
However, the data alone does not reveal whether whales are buying, selling or simply moving fewer funds between wallets. A decline in large transactions can reflect reduced trading activity, lower market participation or a wait-and-see approach during periods of uncertainty.
The drop comes as Ethereum attempts to recover from recent lows near $1,500 and approaches the psychologically important $2,000 level. Lower whale activity may suggest that larger investors are waiting for stronger confirmation before increasing exposure.
For now, the sharp decline in whale transactions points to reduced network activity among Ethereum's biggest holders, though the broader market impact will likely depend on whether the slowdown persists in the coming days.
Ethereum Finds Support at Key Cycle Level, Analyst Says
Ethereum may be trading near a historically important support zone, according to crypto analyst The Great Mattsby.
In a post on X, the analyst suggested a proprietary indicator is signaling that ETH remains in a favorable area for bullish positioning despite the recent market weakness.
ETH/USD Weekly Cycle Support. Source: The Great Mattsby (@matthughes13)
The weekly ETH/USD chart highlights several cycle-based support and resistance levels derived from previous market movements. Ethereum is currently trading near $1,510, a level marked as the "3 cycles" support zone.
According to the chart, this area has repeatedly acted as a floor during previous corrections. Ethereum recently tested the zone before rebounding toward the $1,700-$1,800 range, suggesting buyers are attempting to defend support.
The chart also identifies higher cycle levels near $2,230 and $3,295, which could become potential upside targets if ETH continues to recover. Above those levels, the next major resistance area appears near $4,869.
While the indicator does not guarantee a reversal, The Great Mattsby argues that Ethereum's current position near long-term support strengthens the bullish case.
For now, traders are watching whether ETH can continue building momentum from the support zone or whether another test of the area lies ahead. A sustained hold above the recent lows would support the view that Ethereum is forming a longer-term bottom.
