Ethereum Dips Below $2,300 as Small Whales Sell and Stake Rises

• Whale wallets moved ETH rapidly as prices fell below $2,300.
• Staked ETH hit 35 million, signaling trust in Ethereum’s future.

Ethereum’s price has dropped sharply, falling below the $2,300 support level. As Ethereum’s price slipped into the $2,378–$2,412 range, smaller whale wallets moved quickly. According to Lookonchain data, address 0x3FF0 sold 3,158 ETH valued at roughly $7.51 million via CoW Protocol at $2,378. Address 0x4F12 sold 2,298 ETH for $6.24 million at the same level. 

Activity on centralized exchanges also increased. Address 0xBA04 deposited 2,645 ETH (worth $6.38 million) into Bybit at $2,412. Around the same time, address 0x2da8 transferred 1,768 ETH (valued at $4.26 million) to Binance at $2,408. These movements indicate preparation for liquidation or active trading amid price uncertainty.

Ethereum’s drop below $2,434 marked a key support breach, as reported by CoinCryptoNewz. The price hovered near $2,260, with resistance zones set at $2,300 and $2,400. Analysts flagged the $2,300–$2,400 area as an inefficiency zone, potentially attracting further downside pressure.

Market Sentiment Weakens as Price Slides 7.43%

Ethereum is now trading at $2,256.24, down 7.43% over 24 hours, per CoinMarketCap data. Its market cap has decreased to $272.37 billion, while 24-hour trading volume climbed 7.00% to $22.43 billion. The day started at $2,426.90 before sell pressure pushed ETH under $2,300. Current support stands at $2,250.

Circulating ETH supply remains at 120.72 million. Analysts note that unless Ethereum can reclaim the $2,434 level, sentiment may remain bearish. The liquidity sweep observed around $2,420 signals growing caution among traders. Increased trading volume during the decline shows intensified activity but little sign of a recovery.

Staked ETH Surges to 35 Million Despite Price Drop

Despite the recent dip, staking on the Ethereum network has hit a new milestone. According to CryptoRank data, as of June 21, 2025, over 35 million ETH had been locked into staking contracts, representing 28.3% of the total ETH supply.

The staked ETH chart shows steady growth since mid-2024. Even when prices dropped below $2,000 in early 2025, staking participation continued to rise. At press time, Ethereum is recovering around the $3,000 level, while the staking total has surpassed previous highs.

Analysts point to this trend as a signal of investor confidence in Ethereum’s proof-of-stake model. Long-term validators appear committed to the network, reinforcing decentralization and security. The growing number of staked coins offsets short-term market moves and reflects faith in Ethereum’s roadmap.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.