Ethereum price fights for $2K as whales buy the dip

Ethereum price was trading near $1,797 on June 17 as buyers tried to defend the $1,800 area after a sharp rebound from recent lows.

According to crypto.news price data, ETH was down 1.39% over 24 hours, with a market cap near $216.8 billion and daily volume above $16.2 billion. The token traded between $1,760.31 and $1,832.65 over the same period.

Ethereum price holds near $1,800

Ethereum has recovered from the June low near $1,507, but the move has not yet turned into a clear trend reversal. The current range keeps the market focused on whether buyers can hold the $1,760-$1,800 zone.

As previously reported by crypto.news, ETH had rebounded toward $1,800 after buyers defended a multi-year support trendline. That report placed the next resistance near $1,873, followed by the $2,000 level.

The near-term picture remains mixed. A break above $1,873 could reopen the path toward $2,000, while a drop below $1,700 would weaken the recovery and put the June low back in focus.

Ethereum ETF inflows and whale buying return

US spot Ethereum ETFs recorded $22.5 million in net inflows after four straight days of outflows, according to SoSoValue data. On June 16, the products added another $9.59 million in net inflows, showing that regulated demand has not fully disappeared.

Still, ETF activity remains uneven. The products have only recorded four inflow days since March 8, leaving the market dependent on whether institutional buyers can build a stronger pattern.

Large wallets have also added ETH. Lookonchain said Tom Lee-linked Bitmine bought another 20,000 ETH worth about $35.85 million from FalconX. The tracker also said geministar.eth bought 11,142 ETH worth about $19.94 million, bringing its two-day total to 32,278 ETH worth about $57 million.

A wallet linked to Arthur Hayes also bought another 1,400 ETH worth about $2.51 million, according to Lookonchain. As crypto.news reported earlier, a Hayes-linked wallet received 3,000 ETH worth about $5.42 million after the U.S.-Iran peace deal improved risk sentiment.

Fed and Iran headlines keep traders cautious

The U.S.-Iran deal has helped calm energy markets, but the story remains unsettled, as reported earlier today. Iran’s military accused Israel of violating the ceasefire in southern Lebanon dozens of times and warned of a “harsh response” if attacks continue.

Washington and Tehran are also preparing to sign a memorandum of understanding that could allow tanker traffic through the Strait of Hormuz. Any delay or fresh military action could renew oil pressure and weaken risk appetite across crypto.

Traders are also watching the Federal Reserve’s two-day policy meeting. Markets expect rates to remain unchanged, but Fed Chair Kevin Warsh’s outlook remains important after inflation rose 4.2% year-over-year in the latest CPI report.

Higher inflation could limit the Fed’s room to cut rates later this year. That matters for Ethereum because the asset still trades like a risk market during macro shocks.

MACD improves, but $2,000 remains the test

Technical data shows early recovery signs on the daily ETH/USDT chart. The MACD histogram is positive at about 27.77, while the MACD line near -84.04 has crossed above the signal line near -111.80.

That crossover points to improving short-term momentum. However, both MACD lines remain below the zero line, which means the wider trend has not fully turned bullish.

CryptoQuant contributor Arab Chain said Binance Ethereum open interest was near $5.54 billion, just below its 30-day average of about $5.58 billion. The Z-Score reading of -0.28 showed that futures activity stayed close to normal levels, with no clear sign of extreme leverage.

Analysts are split on the next move. Just a day ago, Michaël van de Poppe said ETH is in a “phenomenal spot” for spot buyers over the next 6-12 months, while Crypto Patel noted that a strong monthly hammer could open a far higher target in the next altseason.

BATMAN said bears still have time because the 56-week cycle is not complete. He said ETH near $1,805 remains in a late-stage correction and must hold key support.

Ethereum also has a network catalyst. As previously reported by crypto.news, the Glamsterdam upgrade has entered private devnet testing and centers on ePBS, Block-Level Access Lists, and gas repricing.