Ethereum extended its gains on the 15th of June, rising 2.75% for a second consecutive day. The move followed improving market sentiment after reports of a U.S.-Iran peace deal and the reopening of the Strait of Hormuz.
At press time, $ETH traded at $1,720 after gaining 2.75% over the previous 24 hours. Trading volume jumped more than 65% to $4.95 billion, reflecting stronger market participation.
Are investors still accumulating $ETH?
Despite the rally, one metric continued to raise concerns.
According to CryptoQuant, Exchange Reserves increased by 76,000 $ETH over the past week. Rising reserves typically indicate growing selling pressure as more tokens move onto exchanges.
However, Spot Inflow/Outflow data from CoinGlass painted a different picture. Over the past 24 hours, roughly $21.72 million worth of $ETH left exchanges. Exchange outflows often signal accumulation as investors move assets into private wallets.
On top of that, whale activity remained supportive.
A crypto transaction tracker reported on X that an Ethereum ICO whale borrowed 10 million $USDe from Aave and purchased 5,817 $ETH at an average price of $1,719. That purchase suggested continued confidence in Ethereum’s near-term prospects.
What are traders betting on?
Retail and derivative traders appeared to share the same bullish outlook.
According to CoinGlass, $ETH’s Long/Short Ratio climbed to 1.0358, showing a slight advantage for bullish positions.
Meanwhile, $1,684.1 and $1,738.1 emerged as major liquidation zones. Data showed traders had built $457.28 million in long positions near $1,684.1. By contrast, short positions totaled $193.54 million near $1,738.1.
That imbalance suggested bulls maintained a stronger conviction than bears. This left traders focused on whether buyers could defend recent gains.
Can Ethereum reach $1,820 next?
According to the daily chart, Ethereum’s short-term outlook remained bullish. However, its broader trend stayed under pressure. $ETH continued to trade below its 200-day Exponential Moving Average (EMA), a sign that long-term sellers still held control.
Even so, Ethereum [$ETH] recently broke above the $1,720 resistance level and closed a daily candle above it. The level had capped price advances since the 7th of June.
If $ETH holds above $1,720, it could extend its rally toward $1,820. A move below $1,700, however, could weaken the current structure and invite fresh selling pressure.
Meanwhile, the Average Directional Index (ADX) stood at 48.06. A reading above 25 typically signals a strong trend, supporting the current bullish momentum.
Final Summary
- A whale purchased 5,817 $ETH after borrowing 10 million $USDe from Aave.
- Holding above $1,720 could open the door to a move toward $1,820.
