Key TakeawaysHistorical support at the ETH Realized Price Lower Band near $1,150 suggests a potential 30% decline from current levelsSpot Ethereum ETFs in the US saw $82.3 million exit on Tuesday, marking the seventh consecutive week of negative flowsAndreessen Horowitz (a16z) pulled $42.62 million in ETH from Binance on June 23Bitmine, backed by Tom Lee, acquired 35,138 ETH valued at $58.65 million, following a $92 million purchase the week beforeCrypto analyst Ted Pillows warns that sellers are preventing rallies beyond $1,700, with new lows likely unless this resistance is brokenEthereum is hovering near $1,615 on Wednesday, registering a decline of over 3% as bearish momentum persists across various indicators.Ethereum (ETH) PriceAn important onchain metric known as the ETH Realized Price Lower Band is currently positioned around $1,150. During previous bear cycles in 2018 and 2022, Ethereum found its floor near this threshold. Should history repeat itself, this indicates a possible additional 30% drawdown from present price levels.Cryptocurrency analyst Ted Pillows highlighted this vulnerability on social platforms, noting that selling pressure emerges above $1,700 and suppresses upward movement. According to Pillows: “Until Ethereum breaks and reclaims the $1,700 level with strong spot demand, the chances of new lows will go up.” This assessment corresponds with current technical formations.$ETH is looking weak here.Sellers are active above the $1,700 level and are capping any rally.Until Ethereum breaks and reclaims the $1,700 level with strong spot demand, the chances of new lows will go up. pic.twitter.com/vanZz7qFrq— Ted (@TedPillows) June 24, 2026Examining the price action, ETH is positioned beneath its 20-day, 50-day, and 100-day moving averages, which range from $1,740 to $2,050. The Relative Strength Index stands at approximately 34, indicating deeply oversold conditions.Should the selloff persist, immediate support exists at $1,611, followed by $1,524, with more substantial backing at $1,404. Dropping below this zone would create a path toward $1,156.ETH exchange net flows have demonstrated a gradual increase during the past fortnight, indicating more tokens are being transferred to trading platforms — typically interpreted as preparation for selling activity.Major Institutional Accumulation ContinuesNotwithstanding the bearish pressure, significant accumulation is occurring. On June 23, a wallet associated with venture capital powerhouse Andreessen Horowitz (a16z) transferred 25,560 ETH — approximately $42.62 million — out of Binance.Bitmine, affiliated with Tom Lee, purchased an additional 35,138 ETH valued at $58.65 million on that same date. During the prior week, the company allocated $92 million toward acquiring 52,203 ETH.LATEST: TOM LEE'S BITMINE JUST BOUGHT ANOTHER $60 MILLION OF ETHThe firm acquired 35,138 ETH over the past 6 hours, lifting its holdings to 5.65M ETH. pic.twitter.com/vbIjNi2Rl0— Coin Bureau (@coinbureau) June 24, 2026Sharplink, ranked as the second-largest Ethereum treasury entity, staked another 509 ETH this week, elevating its cumulative staked position to 22,102 ETH.Distribution Data Reveals Long-Term Holder ConfidenceData from Santiment reveals that the largest whale addresses — those controlling between 10 million and 100 million ETH — have expanded their holdings to approximately 135.2 million ETH. Medium-tier holders have similarly been accumulating since the end of May.Source: SantimentAddresses holding 10,000–100,000 ETH and 100,000–1 million ETH have decreased their positions, pointing to redistribution dynamics rather than wholesale liquidation.US-based spot Ethereum ETFs experienced outflows of $82.3 million on Tuesday alone. Throughout June, these products have witnessed $346.39 million in withdrawals, following $540.88 million in outflows during May.The post Ethereum (ETH) Price Could Plunge 30% Despite Whale Accumulation of Millions appeared first on Blockonomi.