An early Ethereum investor demonstrated impeccable timing by liquidating roughly $188 million in digital assets just before a sharp market downturn, only to repurchase at reduced prices afterward. On-chain analytics firm Lookonchain tracked the transactions, noting that the wallet sold 60,000 ETH valued at $117.25 million and 9,442 wstETH worth $24 million, both at an average price near $2,040. The trader also offloaded 600 WBTC for approximately $47.12 million, with an average sale price of $78,538.
Following the market decline, the same entity bought back 611 WBTC for about $38.68 million at an average cost of $63,280, and acquired 60,088 ETH ($95.3 million) plus 10,000 wstETH ($21.08 million) at an average price close to $1,606. This move allowed the whale to rebuild a slightly larger position—11 additional WBTC and minor increases in ETH and wstETH—while using less capital than the original sale proceeds.
Ethereum’s price has since rebounded from a brief dip toward $1,500, trading near $1,674 at publication, up roughly 4% in 24 hours. However, the token remains significantly lower over the past week, and volatility persists with a daily range of $1,607 to $1,706. A separate profitable trader, identified as pension-usdt.eth, extended a short position by 10,000 ETH, bringing the total to 60,000 ETH worth about $101 million. This trader has a record of 22 consecutive winning trades and over $45 million in total profit, according to Lookonchain.
Market analysts have observed mixed signals. The TD Sequential indicator flashed a buy signal for Ethereum, while Coinbase whales reportedly placed short-term sell walls above current levels. Some suggest that if buyers can clear this supply, ETH might advance toward $2,000, but this remains a conditional outlook.
Exchange reserves have also declined, with data from CryptoQuant indicating that tracked Ethereum balances across Binance, OKX, Gemini, and Bitfinex fell by roughly 475,000 ETH in early June. Binance saw a drop of about 190,000 ETH, and Bitfinex lost another 180,000 ETH. Lower exchange reserves can signal reduced available supply for sale, though the ultimate impact on price depends on where the coins are moved.
Ethereum now faces resistance between its recent daily high of $1,706 and former support zones above $1,800. A decisive break above these levels could reignite bullish momentum toward $2,000. Conversely, failure to sustain the recovery might push prices back toward $1,600 and $1,500, especially given the persistent bearish positioning from large short sellers.