ETH Bulls Tighten Grip as $393M Exits Exchanges and ETF Inflows Outpace Bitcoin

Ether( ETH) ETH struggled to support Tuesday’s momentum, falling 0.15% to $2,758 amid selling unit that emerged during U.S. day trading connected June 11.

The pullback followed a little rally to $2,872.42, which proved unsustainable arsenic terms enactment reversed sharply betwixt 15:00 and 17:00 UTC, according to CoinDesk Research's method investigation model.

The late-session sell-off intensified successful aboriginal Asia hours, punctuated by a 1.29% dip from $2,772 to $2,736 connected dense volume, earlier ether rebounded somewhat toward $2,758 astatine property time.

Despite the downturn, cardinal metrics suggest rising condemnation among bulls.

Glassnode reported that options skew flipped sharply antagonistic implicit the past 48 hours—one-week skew dropping from –2.4% to –7.0% — indicating accrued request for short-dated calls. Put-call ratios stay heavy tilted toward upside exposure, with unfastened involvement and measurement ratios holding adjacent multi-week lows.

On-chain flows besides reinforced the bullish bias.

Analytics steadfast Sentora (formerly, IntoTheBlock) flagged that implicit 140,000 ETH, worthy astir $393 million, was withdrawn from exchanges connected June 11 — the largest single-day outflow successful much than a month.

Simultaneously, ETH-based ETFs extended their inflow streak with different $240.3 cardinal added Wednesday, surpassing the day’s Bitcoin ETF totals. Analyst Anthony Sassano noted that Ethereum has avoided a azygous nett outflow time since mid-May, calling the inclination “accelerating” and arguing that the plus remains structurally undervalued.

While terms enactment shows short-term weakness, marketplace positioning and superior flows suggest traders whitethorn beryllium buying the dip successful anticipation of different upside attempt.

Technical Analysis Highlights

• ETH traded wrong a $139 scope betwixt $2,733 and $2,872 earlier closing astatine $2,758.
• Heavy selling emerged adjacent $2,870–$2,880 during June 11’s precocious U.S. session.
• Support adjacent $2,745–$2,755 was breached aft aggregate tests, triggering a speedy declineVolume spiked supra 34,000 ETH during a accelerated driblet from $2,772 to $2,736 aboriginal June 12.
• A impermanent bounce toward $2,752 failed, and a caller enactment portion whitethorn beryllium forming adjacent $2,735

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