Ether( ETH) ETH struggled to maintain Tuesday’s momentum, falling 0.15% to $2,758 amid selling pressure that emerged during U.S. afternoon trading on June 11.
The pullback followed a brief rally to $2,872.42, which proved unsustainable as price action reversed sharply between 15:00 and 17:00 UTC, according to CoinDesk Research’s technical analysis model.
The late-session sell-off intensified in early Asia hours, punctuated by a 1.29% dip from $2,772 to $2,736 on heavy volume, before ether rebounded slightly toward $2,758 at press time.
Despite the downturn, key metrics suggest rising conviction among bulls.
Glassnode reported that options skew flipped sharply negative over the past 48 hours—one-week skew dropping from –2.4% to –7.0% — indicating increased demand for short-dated calls. Put-call ratios remain heavily tilted toward upside exposure, with open interest and volume ratios holding near multi-week lows.
On-chain flows also reinforced the bullish bias.
Analytics firm Sentora (formerly, IntoTheBlock) flagged that over 140,000 ETH, worth approximately $393 million, was withdrawn from exchanges on June 11 — the largest single-day outflow in more than a month.
Simultaneously, ETH-based ETFs extended their inflow streak with another $240.3 million added Wednesday, surpassing the day’s Bitcoin ETF totals. Analyst Anthony Sassano noted that Ethereum has avoided a single net outflow day since mid-May, calling the trend “accelerating” and arguing that the asset remains structurally undervalued.
While price action shows short-term weakness, market positioning and capital flows suggest traders may be buying the dip in anticipation of another upside attempt.
Technical Analysis Highlights
- ETH traded within a $139 range between $2,733 and $2,872 before closing at $2,758.
- Heavy selling emerged near $2,870–$2,880 during June 11’s late U.S. session.
- Support near $2,745–$2,755 was breached after multiple tests, triggering a quick declineVolume spiked above 34,000 ETH during a rapid drop from $2,772 to $2,736 early June 12.
- A temporary bounce toward $2,752 failed, and a new support zone may be forming near $2,735
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
