Ethereum believes it has a large accumulation of OTC

• The whale connected to Consensys purchased over $422 million in ETH via Galaxy Digital OTC without transferring it to the exchange.
• Ethereum rose 8.61% after Trump announced ceasefire contract agreement between Iran and Israel.
• ETH is once again testing $2,400, but analysts are cautious as data on the chain reveals weak retail volume.

Over the past three weeks, Ethereum ($eth) has witnessed a significant institutional accumulation that brings a new OTC sales and exchange flow that divides sentiment between traders and analysts. Market data shows more than $422 million in ETH purchases flowed through Galaxy Digital, indicating potential imminent selling pressure.

Blockchain analytics firm Lookonchain estimates that whales associated with Consensys have purchased 161,112 ETH through Galaxy Digital’s OTC desk in the past three weeks. The latest deal occurred 21 minutes ago, with 3,704 ETH, worth around $8.91 million. Previous purchases ranged from $4 million to $37 million, with direct out-of-market accumulation exceeding $422 million.

These steady purchases have given Ethereum bullish feelings over the medium term. It is noteworthy that these transactions have long lasting without bringing about exchange deposits and without implying a hold strategy.

Coinglass data indicates that a transfer occurred during a net negative ETH exchange flow. There has been a sustained ethereum outflow recently, as cumulative daily Netflows fell below minus $200 million.

Certain fire news causes a surge in ETH prices

Ethereum recorded strong inner interests on June 23rd after US President Donald Trump declared a ceasefire between Iran and Israel. During the writing, ETH price was 2,402, an increase of 6.17% compared to the past 24 hours. This trend has overcome recent market fears associated with geopolitical tensions and has suppressed bearish moods among digital assets.

Trump said the truth is, socially, that two countries agreed to a gradual ceasefire in which Israel ended with a complete 24-hour ceasefire. He called it a 12-day conflict resolution that threatened to escalate into a deeper local crisis. The news was seen as one of the major catalysts behind the sudden price transfer of high beta cryptos, such as ETH.

Ethereum Price retests critical levels

However, the technical indicators are still mixed. The RSI is 47.85, almost neutral point, and the momentum of MACD is negative, indicating the possibility of drawback expansion.

Ethereum’s recent retest of the $2,400 region has sparked anxiety among analysts. Crypto Trader’s Ted Pillows pointed out that regaining $2,350 is the key to a long bullish turnaround. However, after failing to maintain that level, he warned that it could fall back to its previous level of support again.

Similarly, Trader Crypto Patel highlighted an area of ​​$2,400 as a potential trap area. He pointed out that the denial would allow it to return to below $2,000, and said a clean break above $2,450 could lead to rallying to a $3,000 high.

On-chain data supports attention. According to Cryptoquant, active Ethereum addresses have dropped to around 333,700. This decline in network activity further supports the perception that retail participation is limited in price increases.

Source: Cryptoquant