Ethereum traded near $1,616 on June 11, down 3.14% in 24 hours, according to crypto.news price data.
- Ethereum traded near $1,616 as selling pressure kept ETH down over 13% this week.
- Santiment data shows Ethereum is approaching 200m non-empty wallets despite weak market sentiment across crypto.
- Binance ETH open interest and perp-spot imbalance point to higher leverage and sharper volatility risk.
Meanwhile, the token also fell 13.82% over seven days, keeping ETH near the lower end of its latest trading range.
The setup is mixed. Ethereum adoption data points to long-term network growth, while derivatives data shows traders are adding leverage during a weak market. That leaves ETH exposed to sharp moves in either direction.
Ethereum price holds near short-term support
Crypto.news data showed Ethereum with a 24-hour low of $1,610.33 and a high of $1,679.76. The market cap stood near $195bn, while daily volume was about $13.06bn.
The current level keeps ETH close to the $1,600 zone. A move below this area would place the recent June low back in focus, while a rebound above $1,680 could ease immediate selling pressure.
ETH has fallen about 14% from its June high near $1,890. Moreover, Ethereum remained roughly 66% below its 2026 peak near $4,800.
That broader decline matters because rallies from weak zones often face heavy resistance. Buyers may need to reclaim $1,680, $1,750 and $1,890 before the chart can show a stronger recovery structure.
Ethereum wallets near 200m milestone
Santiment data showed Ethereum is close to 200m non-empty wallets despite weak crowd sentiment. The network now has nearly 195m non-empty wallets, about 230% more than Bitcoin’s 59m.
Santiment said the network is now only 5m wallets away from the 200m level. “Ethereum’s network continues to grow,” the analytics firm wrote, pointing to DeFi, staking and wider on-chain use.
This adoption data gives Ethereum a different signal from price action. While traders focus on ETH’s drawdown, wallet growth shows that more addresses continue to hold balances.
Still, wallet growth does not guarantee a price bottom. It shows wider network use, but price still depends on liquidity, risk appetite, exchange flows and leverage.
Binance derivatives activity reaches new extremes
CryptoQuant analyst Darkfost said Binance recorded a new all-time high in Ethereum open interest measured in ETH terms. Nearly 3.7m ETH is now positioned in futures contracts on the platform.
Binance’s share of total Ethereum open interest also rose above 44%. That shows Binance remains the main venue for ETH derivatives activity during the current market stress.
The weekly average taker buy/sell ratio on Binance reportedly moved from 0.95 to 1.0. That shows selling pressure has eased from earlier levels, but it does not confirm that buyers control the market.
A separate CryptoQuant analyst, Arab Chain, said Binance’s ETH perp-spot volume imbalance rose to about 0.90. Its 30-day moving average Z-score reached about 2.53, showing the gap is far above recent norms.
The data showed perpetual contract volume near 5.57m units, compared with about 290,000 units in spot volume. That gap suggests derivatives traders are driving more of the market than spot buyers.
This raises volatility risk. When leverage grows faster than spot demand, forced liquidations can move price quickly if positions unwind.
Exchange reserves fall as $700 risk stays on radar
DustyBC cited CryptoQuant data showing ETH exchange reserves at their lowest level on record. Lower reserves can reduce available selling supply on exchanges when demand returns.
However, lower reserves do not remove downside risk. In a market led by futures, price can still fall quickly if leveraged longs are forced out or shorts gain control.
Ali Charts pointed to Ethereum’s Delta Price by Alphractal, saying it sits near $700. The analyst said the metric has marked Ethereum’s last two market bottoms.
“If history rhymes, Ethereum could revisit $700,” Ali wrote. That statement frames a deep downside scenario, not a confirmed target.
For now, ETH’s nearest levels are clear. Holding $1,600 keeps the market stable enough for a relief move toward $1,680 and $1,750.
A clean break below $1,600 would weaken that setup. It could bring $1,500 back into view, while the $700 Delta Price zone remains a deeper accumulation marker if the broader bear market extends.
The macro backdrop also remains difficult. As previously reported by crypto.news, the June crypto selloff was tied to hawkish Federal Reserve expectations, US-Iran tensions, ETF outflows and leverage across the market.
Those factors mean ETH needs more than strong wallet growth to recover. Spot demand, calmer funding conditions and a reclaim of nearby resistance would help confirm whether buyers are returning.
Ethereum’s price action therefore sits between two opposing forces. Wallet growth and low exchange reserves support the long-term adoption case, while record leverage and weak spot demand keep short-term risk elevated.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
