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Ether (ETH) fell to $1,551.46 on June 24 before rebounding to $1,644.40 on June 25, up 1.52% on the day, according to TradingView data.
The intraday dip below $1,600 marked ETH’s lowest level since the early-June cycle low near $1,520, occurring in the immediate aftermath of the Ethereum Foundation’s staff and budget cuts. The rebound has since recovered roughly $93 from the low, with two separate developments, one institutional and one onchain, providing the demand backdrop for the bounce.
UBS, the world’s largest wealth manager with $6.9 trillion in invested assets, announced on June 23 that it completed two joint proofs of concept with Nethermind, demonstrating that the public Ethereum network can meet the operational and compliance requirements of a heavily regulated financial institution without modifying Ethereum’s protocol.
UBS and Nethermind have completed two joint proofs of concept showing that a public, permissionless network can support the compliance and operational needs of regulated financial institutions.
The PoCs show that banks and asset managers can apply strong compliance controls… pic.twitter.com/uJuDGPupGn
— Nethermind (@Nethermind) June 23, 2026
The tests, run on the Sepolia testnet with no live transactions, enforced compliance at two stages: first, configuring an Ethereum node to apply customizable risk rules such as restricting transactions to pre-approved addresses and blocking certain smart contract interactions; second, routing only approved transaction bundles through relay services to select block builders, ensuring reliable onchain inclusion.
UBS group head of digital assets Andreas Kubli said the results show “institutional-grade controls and public-network interoperability can be achieved without compromising Ethereum’s openness or neutrality.”
Nethermind’s Tomasz Kurowski, head of enterprise business, called UBS “pragmatic, thoughtful, and clearly at the forefront of institutional digital asset adoption.”
The proof of concept is narrow in scope; neither party has committed to a live deployment, but it directly addresses the question that has shadowed institutional Ethereum adoption: whether a heavily regulated bank can use the public, permissionless network rather than a private fork.
Large wallets bought aggressively into the decline. A wallet linked to venture capital company Andreessen Horowitz (a16z) withdrew 25,560 ETH ($42.62 million) from Binance on June 24, per Lookonchain. This move reduces exchange-available supply and is typically read as accumulation rather than preparation to sell.
a16z(@a16z) seems to be buying $ETH.
A wallet linked to #a16z withdrew 25,560 $ETH($42.62M) from #Binance 9 hours ago.https://t.co/rMmlgbNvn2 pic.twitter.com/Uyax83iVsM
— Lookonchain (@lookonchain) June 24, 2026
Separately, Tom Lee’s Bitmine bought 35,138 ETH ($58.65 million) from BitGo and Kraken the same day, adding to the 52,203 ETH ($92 million) it purchased the week before.
Tom Lee(@fundstrat)'s #Bitmine bought another 35,138 $ETH($58.65M) from #BitGo and #Kraken over the past 4 hours.https://t.co/XgmM2st6qLhttps://t.co/5wZMgXz65L pic.twitter.com/ssPJGDmDc6
— Lookonchain (@lookonchain) June 24, 2026
SharpLink, the second-largest Ethereum corporate treasury, earned 509 ETH in staking rewards this week, bringing its total staking rewards to 22,102 ETH.
+509 ETH in staking rewards this week.
Total rewards earned to date: 22,102.Not idle. Not speculative. Productive capital, executing as designed. pic.twitter.com/KLFSOc1eIm
— Sharplink (@Sharplink) June 23, 2026
The combination of a leading crypto-native venture firm and the two largest Ether treasury companies all adding to positions within the same 24-to-48-hour window, immediately after a governance-driven decline, is a concrete data point rather than a sentiment claim.
It does not guarantee a floor has formed, but it confirms the parties with the most informed, longest-horizon view of Ether treated sub-$1,600 prices as an entry point rather than a reason to reduce exposure.
Technicals and the daily ETH/USD chart from TradingView show the price has fallen below the entire moving average (MA) stack with one exception: the Hull MA at $1,635, which now sits just below the current price, the only MA price that has been reclaimed. Every other tracked average remains above the current price.
The relative strength index (RSI) reads 37.0, recovering from deeper oversold territory but still below the neutral 40-50 band.
The average directional index (ADX) reads 32.7, indicating moderate but fading trend strength.
The moving average convergence/divergence (MACD) at -68.4 is below the signal line.
The oscillator panel remains net negative despite the price bounce, consistent with a market recovering from a sharp flush rather than confirming a trend reversal.
Immediate support sits at the June 24 low of $1,551.46. The Hull MA at $1,635 is the first level price that has reclaimed; holding above it on a daily closing basis would mark the first confirmation that the bounce has a structural footing rather than being a single-session reaction.
The UBS-Nethermind result and the concentrated whale buying are both independent of the technical setup and address different audiences: One signals to regulated institutions that public Ethereum infrastructure can satisfy their compliance requirements; the other signals that the parties closest to the network are treating the recent decline as a buying opportunity. Neither resolves the technical question of whether $1,551 holds as a floor or gets retested.
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