Ethereum Holds Near $1,700 as Foundation Warns of $30M Funding Gap, Co-Director Exits

Ethereum News

One of Ethereum’s best-known MEV (Maximal Extractable Value) bots, Jaredfromsubway.eth, walked straight into an elaborate trap and lost $7.5 million. On-chain data shows the bot was duped by an advanced counter-MEV scheme that specifically targeted its automated trading logic. The attackers built a fake ecosystem of 66 counterfeit tokens and liquidity pools impersonating WETH, USDC and USDT, dangling what looked like a lucrative opportunity in front of the automated trading bot — which then granted token approvals to contracts it did not control. Etherscan records confirm the full loss, and a portion of the stolen assets was laundered through Tornado Cash. With sandwich attacks accounting for 51% of all MEV extraction on Ethereum, the episode underscored just how large that surface has become.

On the derivatives and wallet side, Arthur Hayes is back in focus. Wallets tied to the former BitMEX chief opened an ETH position on June 17 and closed it only a few days later. On-chain data shows roughly 5,900 ETH was accumulated for $10.58 million, then about 6,000 ETH was sold for $10.14 million, leaving the trade more than $600,000 in the red. The average entry sat near $1,800. In contrast, large wallets linked to K3 Capital and Chun Wang pulled millions of dollars of ETH off Binance, a sign that whale-level accumulation appetite is still intact. Despite the selling, ETH did not crater and held above $1,720.

On price, the leading altcoin Ethereum flashed its first signs of recovery after a choppy stretch. Market data shows ETH climbed 2.18% over 24 hours and reached $8.22 billion in trading volume. Reclaiming the mid Bollinger Band at $1,722 suggests the market is still searching for balance against the recent wave of selling pressure; the upper band sits at $1,916 and the lower band at $1,528. A modest improvement in momentum readings points to buyers gradually returning, though on a wider timeframe the asset remains stuck in its long-running sideways range.

A longer-term picture is also drawing attention. Data shared by analyst Ali Martinez shows that a $10,000 investment in Ethereum back in March 2021 is worth roughly the same today — a reminder that ETH has produced no net return despite sharp rallies and deep corrections. Martinez flags $1,060 as the critical threshold for the next directional move. Holding above that zone could put $2,850 in play first, with $4,630 entering the frame under a stronger scenario. If the level fails to hold, his read warns the market would likely begin hunting for a new direction.

On governance, the Ethereum Foundation is going through a turbulent stretch. The departure of co-executive director and board member Hsiao Wei Wang this week leaves both co-executive director seats vacant; the previous exit was Tomasz Stanczak. At least eight senior figures have left the organization over the past five months, with board member Bastian Aue stepping in as interim executive director. Vitalik Buterin highlighted Wang’s nearly decade of contributions across research and consensus coordination. The wave of top-level departures, set against intense competition, has reignited debate over the foundation’s institutional stability and spending priorities.

On the technical charts, blockchain data shows ETH trying to defend its 12-hour ascending channel support. Price slid toward $1,500 during the latest sell-off before recovering back to key support zones. If the channel support holds, the $2,000 psychological level could come back into view; a genuine trend change, however, requires a clean break of the descending resistance line that has capped price for months. On the weekly chart, the $1,600–$1,800 band is being watched as a long-term demand zone resembling the recoveries seen in 2022 and 2025. Above that, the 200-week moving average at $2,470 stands as the main resistance, and a move similar to past cycles would imply roughly 130% upside.

According to COINOTAG’s proprietary 42-indicator composite support/resistance engine (as of 06:18 UTC), the $1,730 support is the firmest floor at 73/100, formed by the confluence of Fibonacci 0.236, S1 and a MACD cross; $1,672 scores 69/100 via Swing Low and the SMA 20. To the upside, the $1,750 resistance reads 67/100 from R2 and the Previous Day High, while $1,801 scores 64/100 on the Ichimoku Kijun. In derivatives, a funding rate of 0.0043%, open interest of $6.45 billion and a long/short ratio of 2.49 (71.4% long) point to overly optimistic positioning. With RSI at 41.6 and the Fear & Greed Index at 23 (Extreme Fear), the bullish case hinges on clearing $1,750, while a slip below $1,730 would strengthen the bear market thesis.