Can Ethereum sustain $1,500 support as end-of-quarter selling pressure builds?

Ethereum remains pinned around the $1,500 support zone after quarter-end selling, whale distributions and weak institutional investor flows put the second-largest cryptocurrency under pressure despite continued accumulation in corporate treasuries.

According to data from crypto.news, Ethereum ($ETH) is trading at around $1,580 at the time of writing, down around 5.3% over the past seven days and around 25% over the quarter. This decline marks the first time in history that Ethereum has recorded three consecutive quarters of losses.

Selling pressure continued to intensify after the Ethereum Foundation announced a reorganization on June 23 that included 20% headcount cuts and a 40% budget cut, raising new concerns about development spending as large holders continue to reduce their exposure.

But corporate buyers continue to pile on cash on the weak side. Sharplink reveals purchase of 10,000 more units $ETH The average price was $1,611 and they spent about $16.1 million on financial expansion. Separately, Bitmine added 27,084 $ETH Over the past week, the number of shares held exceeded 5.7 million. $ETH. Such buying has so far failed to offset persistent selling by whales and institutional investors.

But Bitmine viewed the quarter-end weakness as partially technical, rather than purely fundamental. In a post on X on June 30, the company said that “financial accounting is being manipulated,” adding that financial institutions often sell poorly performing assets at the end of a quarter. Bitmine said the cryptocurrencies were “on sale” entering the reporting period, noting that Bitcoin fell 13% and Ethereum fell 25% in the quarter.

On-chain activity remains mixed. According to Ali Martinez, approximately 550,000 Ethereum whales were sold. $ETH There has been a significant increase in supply to the market over the past week. Lookonchain separately reported that 1 whale left 2,468 whales. $ETH I lost my position after holding it for over 5 months and sold it around $1,572, realizing a loss of approximately $4.33 million.

FG Nexus is also struggling with its Ethereum financial strategy. According to Lookonchain, the company realized a loss of approximately $86.6 million after the acquisition. $ETH It will sell at around the high price in 2025 and at an even lower price thereafter.

On the other hand, demand from institutional investors has not yet recovered. The Spot Ether ETF recorded cumulative net outflows of approximately $274 million across consecutive sessions without recording a single day of positive inflows. At the same time, continued inflows into U.S. artificial intelligence stocks and the recently launched SpaceX IPO are leaving fewer buyers able to absorb Ethereum’s selling pressure.

Technical structure locks Ethereum between $1,500 and $1,650

Ethereum’s daily chart continues to hover below the downtrend line that has limited any recovery attempts since May. The asset also remains below the daily supertrend resistance near $1,644, but if buyers regain control, the 78.6% Fibonacci retracement near $1,695 will form the next major resistance.

Momentum indicators have not yet confirmed the reversal. The daily RSI remains near 36, keeping Ethereum in bearish territory despite stabilizing above recent lows. The MACD has started to level out after several weeks of decline, but no definitive bullish crossover has occurred. On the 4-hour chart, Chaikin Money Flow is rising above zero, suggesting that buyers are starting to return, although the recovery remains limited while the price remains below key resistance.

Derivative positioning also presents a complex picture. According to CoinGlass liquidation data, the largest cluster of short-term liquidations is located around $1,590 to $1,600, while a much larger concentration of long-term liquidations is built between approximately $1,530 and $1,545. A break above the upper cluster could trigger a short squeeze towards the $1,640-$1,700 area, while a loss of the lower liquidity pocket could accelerate a sell-off towards the psychological support of $1,500.

Cryptocurrency analyst Ted Pillows commented on the market structure as follows:

“$ETH better holding power than $BTC Now…a new low will become more likely until Ethereum regains the $1,700 level. ”

His view is consistent with the current technical situation, where a return to $1,700 would reverse a series of lows that have controlled price action for about two months.

Loss of $1,500 support could expose further downside

If Ethereum fails to defend the $1,500-$1,510 support band, the bearish trend will strengthen, which is also consistent with the recent lows on the daily chart. A breakdown below this region would negate the current consolidation and reveal the next downside objective near $1,400 before attention shifts to the $1,200 area, which is being discussed by multiple market participants.

The macro environment continues to be uncertain. Weak US inflation, expectations for rising interest rates, geopolitical tensions in the Middle East, and weak decentralized finance activity are reducing risk appetite across digital assets.

Unless ETF flows stabilize, whale selling eases, and Ethereum regains resistance above $1,640 and eventually $1,700, end-of-quarter weakness could continue to weigh on prices, even as corporate debt continues to pile up. $ETH.