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▲ Ethereum (ETH)/AI Generated Image
Ethereum (ETH) has entered an unfamiliar territory, marking its first-ever three consecutive quarters of decline, and has staked the fate of the July market on the $1,500 support level. While active addresses have dropped to new lows, whale wallets are increasing amidst the bear market, placing Ethereum at a crossroads with possibilities for both further decline and a sharp rebound.
According to crypto-specialized media BeInCrypto on June 30 (local time), Ethereum hovered around $1,570 ahead of July, forming a price close to a multi-month low. BeInCrypto suggested the $1,500 support level as a critical zone to determine Ethereum's direction in July, after it recorded negative candles for three consecutive quarters for the first time in history.
Glassnode data indicates a slowdown in network usage. The 14-day moving average of Ethereum active addresses peaked at approximately 795,000 in early February 2026, then decreased to about 420,000, a decline of about 46%. BeInCrypto analyzed that the rebounds in active addresses seen in March, April, and May were all short-lived, and the June figures have not yet confirmed a bottom.
Conversely, the number of whale wallets increased during the bearish period. According to Glassnode, the number of addresses holding 1,000-10,000 ETH surged in the last few days of June, and this change was recorded as the largest 30-day fluctuation on the chart. BeInCrypto saw the trend of large holders increasing their positions at lower price points as a potential early accumulation signal. However, it added that an increase in whale wallets is difficult to consider a standalone buy signal, given the precedent of similar whale increases in late February followed by price declines.
The quarterly trend shows the depth of Ethereum's bearishness. According to analyst Ted Pillows, citing Coinglass data, Ethereum fell by 28.28% in Q4 2025, 29.26% in Q1 2026, and 24.77% in Q2 2026. This is the first time since 2016 that data has shown three consecutive quarters of decline. On the monthly chart, the Fibonacci 0.786 retracement line drawn between the $881 low and the $4,956 high, approximately $1,753, was presented as a key baseline. The analysis suggests that if the monthly closing price ends below this level, there is room for a decline to the $1,200 and $881 lows.
The short-term price structure is compressed between $1,500 and $1,753. BeInCrypto explained that Ethereum has lost its support levels at $2,375, $2,175, and $1,925, and these levels have now turned into resistance. If the daily closing price drops below $1,500, the $1,200 level becomes exposed, and if $1,753 is recovered, the bearish scenario loses strength. While one pressure was reduced with the expiration of $10.63 billion in options in June, whether the first week of July's closing price lands above a certain price line remains a key variable for Ethereum's trajectory.
[Article Key Summary]
-BeInCrypto reported that Ethereum is testing its July direction at the $1,500 support level after its first-ever three consecutive quarters of decline.
-The 14-day moving average of active addresses decreased by 46% from approximately 795,000 to about 420,000, but whale addresses holding 1,000-10,000 ETH surged at the end of June.
-Analysis suggests that if Ethereum loses $1,500, the $1,200 level will open up, and if it recovers $1,753, the bearish scenario could weaken.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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