Ether (ETH) struggled to maintain momentum on Tuesday, falling 0.15% to $2,758 amid selling pressure during U.S. afternoon trading on June 11. The pullback came after a brief rally to $2,872.42, which was not sustained as the price reversed sharply between 15:00 and 17:00 UTC. The late-session sell-off continued in early Asia hours, with a 1.29% dip from $2,772 to $2,736 before ether slightly rebounded to $2,758.

Despite the downturn, key metrics suggest increasing confidence among bulls. Glassnode reported that options skew turned sharply negative in the past 48 hours, indicating a higher demand for short-dated calls. Put-call ratios also show a preference for upside exposure, with open interest and volume ratios remaining near multi-week lows.

On-chain flows further supported the bullish sentiment, with analytics firm Sentora flagging the withdrawal of over 140,000 ETH worth approximately $393 million from exchanges on June 11 — the largest single-day outflow in over a month. Additionally, ETH-based ETFs saw another $240.3 million added, surpassing the day’s Bitcoin ETF totals. Analyst Anthony Sassano highlighted that Ethereum has not experienced a single net outflow day since mid-May, calling the trend “accelerating” and suggesting that the asset is undervalued structurally.

Although price action indicates short-term weakness, market positioning and capital flows suggest that traders might be buying the dip in anticipation of another upside attempt.

Technical Analysis Highlights:

– ETH traded within a range of $139 between $2,733 and $2,872 before closing at $2,758.
– Heavy selling was observed near $2,870–$2,880 during the late U.S. session on June 11.
– Support near $2,745–$2,755 was breached after multiple tests, leading to a quick decline.
– Volume spiked above 34,000 ETH during a rapid drop from $2,772 to $2,736 early on June 12.
– Despite a temporary bounce towards $2,752, a new support zone may be forming near $2,735.

Disclaimer: Parts of this article were generated with the assistance of AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, please refer to CoinDesk’s full AI Policy.