Ethereum Reclaims $1,620 – Here Is Why Whale Buying Could Fuel ETH’s Next Breakout

• Ethereum climbed back above $1,620 after breaking out of a multi-day consolidation despite ongoing ETF outflows.
• Major corporate buyers, including SharpLink and BitMine, continue accumulating millions of dollars worth of ETH.
• A move above key resistance near $1,650 could trigger short liquidations and accelerate Ethereum’s recovery.

Ethereum is showing signs of life again.

After several days of drifting sideways and weeks of persistent selling pressure, the second-largest cryptocurrency has pushed back above the $1,620 level. At the time of writing, ETH is trading around $1,628, gaining roughly 3.7% over the past 24 hours.

That said, the bigger picture hasn’t completely changed. Ethereum is still down about 6% over the past week, meaning bulls still have work to do before the recent correction can truly be considered over.

One encouraging sign, however, is the sharp jump in trading activity. Daily volume has surged nearly 97%, climbing above $11 billion, while Ethereum’s market capitalization has recovered to roughly $196 billion.

Ethereum Breaks Out of Tight Trading Range

Before the latest move higher, Ethereum spent four consecutive days trapped between roughly $1,550 and $1,600.

Neither buyers nor sellers managed to establish clear control during that stretch, leaving ETH locked inside a narrow range as traders waited for fresh momentum.

That breakout above the range doesn’t necessarily confirm a new uptrend, but it does suggest buyers are becoming more active after weeks of almost relentless selling.

Whether that momentum can continue will depend largely on what happens around the next major resistance zones.

ETF Outflows Continue to Pressure the Market

Despite Ethereum’s rebound, institutional demand remains under pressure.

According to data from SoSoValue, U.S. spot Ethereum ETFs recorded another $12.85 million in net outflows on June 26, extending a difficult period for the products.

The latest withdrawals marked the seventh consecutive week of net outflows, with investors pulling approximately $273 million from Ethereum ETFs during that period.

BlackRock’s ETHA accounted for the largest share of those withdrawals, seeing roughly $236 million leave the fund.

Persistent ETF outflows don’t automatically determine price direction, but they do suggest institutional investors remain cautious even as Ethereum begins attempting a recovery.

Ethereum Foundation Faces Internal Headwinds

Ethereum has also been dealing with challenges beyond price action.

The Ethereum Foundation recently announced plans to reduce its workforce by approximately 20% while cutting its operating budget by around 40%.

At the same time, developers confirmed that the long-awaited Glamsterdam network upgrade has been delayed until the second half of 2026.

Many investors had been hoping the upgrade would serve as a catalyst for renewed network activity and stronger market sentiment. Instead, that potential catalyst has now been pushed further into the future, removing one of the market’s anticipated near-term events.

Whales Continue Accumulating Millions in ETH

Even with those challenges, large investors continue buying.

SharpLink Gaming recently returned to the Ethereum market after remaining inactive for roughly eight months.

The company reportedly purchased nearly 40,000 ETH worth approximately $62.4 million over the past week, signaling renewed confidence despite the recent weakness.

BitMine has also continued expanding its Ethereum treasury.

The company announced another purchase of roughly 27,084 ETH, bringing the value of its total Ethereum holdings to nearly $9.9 billion.

While purchases like these don’t immediately send prices soaring, they demonstrate that some institutional investors remain focused on Ethereum’s long-term outlook rather than short-term volatility.

Resistance Near $1,650 Remains the Key Battle

Technically, Ethereum still faces several important obstacles.

The asset continues trading beneath a descending trend line that has capped price action since late April, meaning the broader bearish structure has not yet been broken.

In the short term, the biggest challenge sits around the $1,650 area.

Ethereum has tested that level multiple times, but buyers have repeatedly struggled to force a clean breakout.

Momentum indicators are beginning to improve, though.

The Relative Strength Index has climbed to roughly 38.6, recovering from deeply oversold territory while still leaving room for additional upside if buying pressure continues building.

CoinGlass liquidation data also highlights an interesting setup.

A significant number of leveraged short positions are concentrated between $1,640 and $1,650. If Ethereum manages to push through those levels, many traders betting against the market could be forced to close their positions.

That type of short squeeze would create additional buying pressure and could help propel ETH toward the next major resistance zone between $1,700 and $1,750.

For now, Ethereum appears to be regaining momentum, but bulls still need to prove they can overcome the heavy resistance that lies just ahead.

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