In the past week, when the Iran-Israel conflict was at its peak, the recent US attack on Iranian nuclear sites, followed by a lethal warning, spooked investors’ confidence.

As a result, the Ethereum price fell 17% after 45 days of consolidation above the 200-day EMA.. It has retested the $2200 support zone in the last three days of June’s third week’s weekend.

Despite the significant fall in price, the on-chain data speaks differently as the usage and engagement have surprisingly increased in ETH.

Moreover, the recent WSJ shared another bullish news per an analyst claim, that Israel plans to end its war with Iran soon. A big relief rally could be seen if the short-term war ends.Keep reading to know more.

7-D Top Net Flows Exploding In Ethereum

A recent post from a prominent investor and expert, Ted Pillows, reveals that Ethereum net flows far exceeded $1.4 billion last week, while others have much smaller net flows. This indicates that Ethereum usage is increasing despite the current events.

Similarly, the number of unique addresses showing engagement with other chains in the Ethereum ecosystem has exploded. This means ETH crypto is moving, As whales and institutions are accumulating at lows, and a big move is likely.

Investors Feel Race Against Time To Load Their Bags With ETH

On the 23rd, Spot On Chain reported via X that “an anonymous institution bought 47,070 Ethereum with USDC (approximately $113 million) over the past three days.” The average purchase price for this transaction was $2,400, which is done to buy at a discount.

Another USDC involvement was seen in the purchase of ETH, as Lookonchain mentioned that a newcomer gambler had deposited 4.28 Million USD into hyper liquid and had opened a 25x leverage long on Ethereum.

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All sorts of market participants, whales or just traders, are racing to make big gains while the ETH is at discount prices.

In a recent post, Ted Pillows also highlighted the fact that ETH whales, in total, have bought Ethereum crypto for over $265 million during the weekend dip.

Additionally, he mentioned in another post that smart money has bought aggressively in the past week, with $40 million plus ETH ETF inflows seen last week. Where most active, as usual, was Blackrock’s product “ETHA.”