Ethereum remains steady above the critical $2,700 mark, buoyed by substantial inflows into U.S.-based spot exchange-traded funds (ETFs) and improving investor sentiment within the derivatives market. At present, Ethereum is trading at around $2,756, down roughly 1.2% from yesterday, though still holding onto a healthy 13% gain over the past month. Over the past week, prices have swung within a range of $2,419 to $2,869, indicative of ongoing market indecision.
The notable resilience displayed by Ethereum recently can be attributed to strong institutional inflows into American spot ETFs. June 11 alone witnessed net inflows amounting to $240.7 million, marking the highest single-day net inflow in four months, and extending the streak of daily net positive inflows to 18 consecutive sessions. BlackRock’s ETHA ETF led the pack with inflows exceeding $164 million, followed closely by Fidelity’s FETH and Grayscale’s Ethereum-based products. In total, ETF inflows over the past 30 days have reached $700 million, clearly demonstrating strong and sustained institutional interest.
Meanwhile, traders in Ethereum’s options markets are signaling growing bullishness. Options skew metrics, which measure relative demand differences between call options (the right to buy) and put options (the right to sell), highlighted a significant shift toward increased optimism. Glassnode’s data shows the 1-week options skew declining sharply from -2.4% to -7.0%, with the 1-month skew decreasing from -5.6% to -6.1%. This indicates heightened investor demand for call options, typically associated with expectations for upward movement in price over the near term.
From a technical perspective, Ethereum remains in a bullish structure. Its relative strength index (RSI), now at 63, has edged closer to levels signaling overbought conditions but remains within neutral territory overall. ETH is still holding firmly above its key moving averages, including the 10-day estimated moving average at approximately $2,658, suggesting continued buying momentum. Additionally, the recent widening of Bollinger Bands—with Ether’s price maintaining close to the upper band—may point to potential increases in volatility ahead. Since early May, Ethereum has consistently produced higher highs and higher lows, further reinforcing its bullish trend.
Looking forward, Ethereum could retest the resistance level near $2,900 and possibly attempt a breakout above the psychologically significant $3,000 level, provided ETF inflows remain strong and bullish sentiment in options markets continues. Conversely, if price momentum falters and Ether drops below the critical support area of $2,700 amid waning inflows, a correction might drive prices towards support around $2,600—with a risk of falling even further toward the $2,400 zone.
