Morgan Stanley Files 0.14% ETH ETF, Glamsterdam Targets 71% Fee Cut and 200M Gas

Ethereum News

Leadership uncertainty at the Ethereum Foundation has deepened once again. On June 18, Hsiao-Wei Wang stepped down from her roles as co-executive director and board member, effective immediately. It marks the second co-executive director departure in roughly four months: following Tomasz Stańczak’s resignation in February, Bastian Aue — who had moved into the spotlight — is now effectively the sole executive director. The shake-up lands at a moment when leadership stability is in short supply ahead of a critical network-upgrade cycle. For one of the largest blockchain networks and the home of smart contracts, the pressing question is less about near-term price than about the continuity of organizational governance.

On the price side, attention is fixed on the $1,700 to $1,750 support zone. After a sharp pullback from higher levels, this range has become the key battleground for a short-term floor, since buyers stepped in here before. Analysts highlight that a budding bullish divergence on weekly indicators may signal fading downside momentum, while cautioning against expecting an immediate, forceful rebound. A sustained hold above $1,750 opens the door to $1,820, $1,870 and then the $2,000 to $2,050 band. A break below $1,700, however — especially if paired with broader altcoin weakness — could clear the way for a deeper slide toward $1,580.

Beyond the leadership vacuum, a concrete warning has surfaced on the funding front. Trent Van Epps, a former core development contributor at the Foundation, said the ecosystem could face a slow-moving funding crisis over the next three to nine months. According to Van Epps, the Foundation’s spending cuts and the expiry of the Client Incentive Program in April may leave the resources backing core development teams stretched thin. He stressed that keeping the engineers, researchers and infrastructure specialists who maintain execution and consensus clients afloat requires roughly $30 million a year, and noted that the Foundation was never designed to be a permanent steward — meaning new institutions and funding mechanisms are needed.

On-chain, large wallet movements drew attention. On-chain tracking data suggests a wallet linked to F2Pool co-founder Wang Chun may have built a position exceeding $33.41 million across Ethereum and Wrapped Bitcoin (WBTC). The activity was inferred from withdrawals off centralized exchanges and asset flows into wallets. Pairing ETH with WBTC points to a balanced, two-asset positioning strategy rather than a one-directional bet. Still, while on-chain data is transparent, it rarely reveals intent: these moves could reflect accumulation just as easily as internal transfers, treasury management or preparation for a new protocol.

The Foundation’s treasury structure also sits at the center of the debate. In a May 24 post, Ethereum co-founder Vitalik Buterin noted that the Foundation holds only about 0.16% of the total Ether supply and that its resources remain limited. Buterin said the Foundation is steering its remaining reserves toward longevity rather than expansion — which translates into fewer ETH sales. As part of those treasury adjustments, the Foundation staked a total of 38,270 ETH in late April and early May, and sold 10,000 ETH on May 1. Holding reserves predominantly in Ether creates a structural fragility: when prices fall, spendable resources contract too.

Institutional appetite, meanwhile, stayed soft. US-listed spot Bitcoin and Ethereum exchange-traded funds (ETFs) posted net outflows on June 18 for a second consecutive trading day. Spot Bitcoin ETFs shed a combined $90.7 million, with the largest hit landing on BlackRock’s IBIT at roughly $96.7 million; VanEck’s HODL product saw $4.4 million in outflows, while the Morgan Stanley-backed MSBT partly offset the trend with $10.4 million in inflows. For spot Ethereum ETFs, the entire $12.8 million in outflows came from BlackRock’s ETHA. This streak, feeding bear market psychology, shows that institutional flows remain fragile.

COINOTAG’s proprietary 42-indicator composite support/resistance scoring engine (as of 06:55 UTC) rates the $1,750.86 resistance at 75/100, on the back of a confluence of Ichimoku Tenkan, R2 and the 0.236 Fibonacci level; just above, $1,872 stands as the second strong barrier at 71/100. To the downside, the $1,710.13 support forms the firmest base at 82/100, supported by the Previous Day’s Close and S1, with $1,613 waiting below at 64/100. On the derivatives side, a funding rate of 0.0034%, open interest of $6.39 billion and a long/short ratio of 2.52 (71.6% long) point to extremely crowded long positioning. With RSI at 40.37 and the Fear & Greed Index at 23 (Extreme Fear), the bullish case hinges on reclaiming $1,751; a loss of $1,710 invalidates the thesis.