Ether Sees Minor Pullback, But On-Chain and ETF Flows Signal Building Bullish Momentum

Ether (ETH) dipped 0.15% to $2,758 on Wednesday after failing to sustain a brief rally above $2,870, but market data suggests traders and institutions are preparing for another potential leg higher.

The day’s selling pressure emerged during late U.S. trading hours on June 11, with ETH reversing sharply from a session high of $2,872.42 to $2,758 by close. A wave of heavy volume selling in early Asia trading further pushed the price down to $2,736 — a 1.29% decline — before a modest recovery.

Despite Price Action, Metrics Point to Bullish Underpinnings

Key derivatives and on-chain signals indicate growing upside conviction. According to Glassnode, ETH’s one-week options skew dropped sharply from –2.4% to –7.0% in the past 48 hours, a move typically associated with rising demand for short-dated call options. Open interest and volume-based put-call ratios remain low, reinforcing a tilt toward bullish positioning.

Sentora (formerly IntoTheBlock) reported that over 140,000 ETH — worth roughly $393 million — was withdrawn from centralized exchanges on June 11, marking the largest single-day outflow in over a month. Exchange outflows are commonly interpreted as a sign of accumulation.

Adding to the bullish backdrop, ETH-based exchange-traded funds (ETFs) attracted $240.3 million in net inflows Wednesday, outpacing Bitcoin ETF inflows for the day. Ethereum has now avoided a single net outflow day from ETFs since mid-May. Analyst Anthony Sassano called the trend “accelerating,” suggesting institutional participants view ETH as “structurally undervalued.”

Technical Picture: Testing Support, Watching for Reversal

• ETH traded in a volatile $139 range, from $2,733 to $2,872.
• A rejection zone near $2,870–$2,880 capped the brief rally during late U.S. hours.
• Support between $2,745–$2,755 broke down following repeated tests, triggering a fast drop.
• Volume spiked above 34,000 ETH during the slide from $2,772 to $2,736 in early Asia hours.
• A weak rebound toward $2,752 suggests new support may be forming around $2,735.

While short-term price action remains shaky, the alignment of options sentiment, ETF inflows, and on-chain behavior suggests that bulls may be accumulating ahead of a renewed push — and viewing the current dip as a strategic entry point.

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