Ethereum jumps 2.5 percent as whales buy 1.11 million ETH

Ethereum surged by 2.5 percent in the last 24 hours, reaching around $1,700 in trading. This upward move broke a weeks-long period of weakness and consecutive quarterly losses for ETH. According to market data, the $1,739 level emerged as a closely watched short-term resistance point.Whale accumulation intensifiesGeopolitical developments bolster risk appetiteKey technical levels emerge Whale accumulation intensifiesOn-chain data revealed that accumulation-focused wallets have purchased over 1.11 million ETH in the past seven days. This marked the strongest accumulation phase of 2026 so far. During the same period, exchanges registered a net inflow of 178,900 ETH, which some analysts interpret as a signal that a segment of investors may be preparing to sell.On June 15, a wallet reportedly linked to Arthur Hayes acquired 3,000 ETH through liquidity provider Flowdesk. The transaction was valued at $5.42 million and was flagged by blockchain monitoring service Lookonchain.Mini glossary: Flowdesk is a market maker known for providing liquidity services to institutional clients and supporting digital asset trading flows. Lookonchain specializes in tracking large wallet movements and notable on-chain transactions. According to Lookonchain, a wallet presumed to be connected with Arthur Hayes received a transfer of 3,000 ETH via Flowdesk, amounting to $5.42 million.This purchase represented a shift in Arthur Hayes’s recent portfolio activity. In previous weeks, he was reported to have reduced his holdings in Hyperliquid, Near Protocol, Worldcoin, and Zcash, while continuing to prioritize Bitcoin and Ethereum as core assets. In a recent market commentary, Hayes predicted that ETH could reach a range of $10,000 to $20,000 before the end of the current market cycle.Geopolitical developments bolster risk appetiteThe wallet activity coincided with US President Donald Trump’s announcement of a peace framework between the US and Iran. As part of the announcement, the reopening of the Strait of Hormuz was approved, with an official signing ceremony in Switzerland scheduled for June 19.In the immediate aftermath, Bitcoin rose by 3.5 percent to $66,570, and the overall cryptocurrency market capitalization edged up 2 percent in 24 hours. Meanwhile, crude oil prices dropped sharply by 5.13 percent to $80.53 per barrel.Key technical levels emergeAnalyst DaanCrypto commented that Ethereum was attempting to reclaim its highs from February. He noted that further strength in the uptrend would require a daily close and consolidation above current levels. In the near term, $1,750 has become a critical area to watch.DaanCrypto emphasized that a sustained recovery for Ethereum hinges on a daily close above current prices, followed by price stability in this area, highlighting the importance of the $1,750 zone in the short run.Market observers identified a significant supply zone between $1,680 and $1,700. A decisive close above $1,739 is expected to support momentum, with the next major resistance situated in the $1,800 to $1,850 range. On the downside, the $1,620 to $1,665 band is seen as a support area.IndicatorLevelCurrent price zoneAround $1,700Critical closing level$1,739Short-term key zone$1,750Resistance area$1,800 to $1,850Support area$1,620 to $1,665Elsewhere, Ethereum recorded a loss in the last quarter of 2025 and the first quarter of 2026. The current quarter’s decline stands at 18.4 percent. Despite this backdrop, the recent spike in on-chain activity and increased whale buying suggest that investors are actively searching for short-term direction.Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.