ETH +0.33% slight rebound: key technical level support and whale contrarian accumulation resonate

ETH4.32%
From 12:00 to 16:00 (UTC) on July 2, 2026, ETH fluctuated narrowly in the 1,647.63-1,657.05 USDT range, with an amplitude of 0.57%, finally closing up +0.33%. The price is in the key technical range between the $1,500 support and $1,753 resistance, with extremely split market sentiment and volatility continuing to narrow to historic lows.The main driver of this unusual movement is the technical rebound demand after the price hit a key technical level. ETH traded near the $1,570-$1,700 range in early July, at a relative low in recent months, down over 65% from its 2025 all-time high. On July 2, after testing the support near $1,500 in the previous trading day, the price received buying on dips, triggering a technical rebound.At the same time, whale accumulation against the trend resonated with institutional long-term allocation. According to CryptoQuant data, large whale wallets hold over 20 million ETH in total, and fund holdings have doubled since April 2025 to 6.5 million ETH. The continued accumulation by whales contrasts sharply with the price decline, suggesting that long-term value investors find the current price attractive. In addition, ETH network activity hit an all-time high, with average daily transactions reaching 2.23 million, and stablecoin quarterly transfer volume exceeding $8 trillion, providing solid fundamental support for the price.Short-term risks to watch: If the daily closing price breaks below $1,500, it could open downside space to the $1,200 area. Current volatility is at historic lows, and once released, it could produce significant directional swings. Key observation indicators include the effectiveness of the $1,500 support level and changes in ETF fund flows.
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