Ethereum has been under sustained selling pressure throughout June, dropping from above $2,000 to around $1,557 as of June 26. That’s a 30-day loss of 23.5%, with the price also falling 6.7% in the past week alone.
Tether’s market cap has now passed Ethereum’s for the first time — $186.06B versus $185.66B — a milestone that reflects how far ETH has slipped in relative terms.
Analyst Ted Pillows noted on social media that ETH “tapped the lows again” and that “momentum is still weak due to broader market correction.” He added that if Ethereum can reclaim the $1,750 level, a relief rally could follow next month.
$ETH tapped the lows again.
The momentum is still weak due to broader market correction.
But if Ethereum manages to reclaim the $1,750 level from here, we could see a relief rally next month. pic.twitter.com/xuePKd79Le
— Ted (@TedPillows) June 26, 2026
On the daily chart, ETH broke a rising trendline that had been in place since February. That break triggered a fast move through $1,900, $1,800, and now into the $1,550s.
CryptoQuant data shows every major ETH whale cohort — including wallets holding over 100,000 ETH — is now sitting on unrealized losses. This has only happened once before, in 2019, which turned out to be a macro bottom for the asset.
#Ethereum whales are underwater for the first time since 2019.
The chart shows all major whale cohorts sitting at unrealized losses—a rare event that has historically aligned with macro bottom zones.
Worth paying attention.
$ETH pic.twitter.com/2xIFoqTa7a
— Anup Dhungana (@CryptoAnup) June 26, 2026
Large-holder capitulation has historically lined up with price bottoms rather than continued crashes. Smaller whale tiers have dipped into losses more often, but the largest holders joining them is a rare event.
The Estimated Leverage Ratio (ELR) has also fallen from 1.11 to 0.85 over the past three weeks. That suggests a large number of leveraged positions have been closed or liquidated, which can reduce further downside pressure.
Spot ETH ETFs are on pace for seven consecutive weeks of net outflows, with the current week on track to be the largest since January, according to SoSoValue data.
Protocol Guild organizer Trent Van Epps, who recently left the Ethereum Foundation after five years, has warned of a core development funding gap. He estimates Ethereum’s core development needs roughly $30 million per year, a figure the Ethereum Foundation’s treasury can no longer reliably cover.
Van Epps says Protocol Guild has distributed nearly $40 million to developers over four years but says that alone is not enough. He expects new institutions to step in over the next several months.
Current key levels: support at $1,510 and the $1,500 psychological floor; resistance at $1,710 and $1,774. The MACD has rolled back negative, with the signal line at -78.35.
The post Ethereum (ETH) Price: ETH Whales Are Losing Money for the First Time Since 2019 — Here’s What Happened Last Time appeared first on CoinCentral.
