Ether
ETH$2,742.70
It struggled to maintain momentum on Tuesday amidst sales pressures that occurred during the afternoon trading of June 11th, falling 0.15% to $2,758.
According to Coindesk Research’s technical analysis model, pullbacks were found to be unsustainable as price action suddenly reversed between 15:00 and 17:00, following a short rally of $2,872.42 followed by $2,872.42.
The sale of the late session was bolstered early in Asia, with a 1.29% DIP from $2,772 to $2,736 with a 1.29% DIP, followed by the ether rebounded to just $2,758 at press.
Despite the recession, key indicators suggest increased confidence among bulls.
GlassNode reported that the option had a sharply negative inversion over the last 48 hours (indicating an increase in demand for short-term calls from -2.4% to -7.0%, indicating an increase in demand for short-term calls. Put-call ratios remained sloping badly against rising exposure, retaining the open interest and volume ratios near multi-week lows.
Chainflow also strengthened bullish bias.
Analytics firm Sentora (formerly Intotheblock) flagged the withdrawal of over 140,000 ETH, worth around $393 million, from the exchange on June 11th.
At the same time, the ETH-based ETF extended its inflow streak by surpassing the Bitcoin ETF total on Wednesday, adding another $240.3 million. Analyst Anthony Sassano pointed out that Ethereum avoided a single net spill date from mid-May, calling the trend “acceleration,” claiming that its assets are structurally undervalued.
While price action shows short-term weaknesses, market positioning and capital flows suggest that traders may be buying dips in anticipation of another reverse attempt.
Technical Analysis Highlights
- ETH traded between $2,733 and $2,872 within the $139 range and closed at $2,758.
- During the late US session on June 11th, massive sales emerged between $2,870 and nearly $2,880.
- Support from $2,745 to nearly $2,755 was violated after multiple tests and surpassed ETH, which had declined rapidly above 34,000 ETH during a rapid decline of $2,772 to $2,736 at the beginning of June 12th.
- A temporary bounce against $2,752 has failed, with new support zones likely close to $2,735
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