Ethereum (ETH) faced a brief setback on Tuesday, slipping 0.15% to $2,758 as selling pressure picked up during U.S. trading hours on June 11. The dip came after a short-lived rally peaked at $2,872.42 but couldn’t hold, with prices reversing sharply between 15:00 and 17:00 UTC according to technical analysis. The late-session sell-off intensified in Asian markets early Wednesday, with ETH dropping 1.29% from $2,772 to $2,736 amid heavy trading volume, before bouncing back slightly to $2,758 by press time.
Despite this short-term dip, positive market signals suggest strong bullish conviction. Options market data shows increasing demand for short-term call options, with options skew flipping from -2.4% to -7.0% over the past two days—indicating traders are leaning towards potential upside. Put-call ratios also favor upside exposure, with open interest and trading volumes near multi-week lows, highlighting trader optimism.
On-chain data supports this bullish sentiment. Analytics firm Sentora reported that over 140,000 ETH—worth roughly $393 million—was withdrawn from exchanges on June 11, marking the largest single-day outflow in over a month. Simultaneously, ETH-based ETFs continued their inflow streak, adding another $240.3 million on Wednesday, surpassing Bitcoin ETF inflows for the day. Analyst Anthony Sassano pointed out that Ethereum has not experienced a single net outflow day since mid-May, emphasizing the accelerating trend and suggesting ETH remains undervalued from a structural perspective.
While short-term price action shows weakness, strategic capital flows and market positioning indicate traders are likely buying the dip, positioning themselves for another potential rally. Technical analysis shows ETH traded within a $139 range between $2,733 and $2,872 before closing at $2,758. Heavy selling was observed near $2,870–$2,880 during the U.S. session on June 11. Support levels around $2,745–$2,755 were tested multiple times, eventually breaking, which triggered a quick decline. Volume surged over 34,000 ETH during a rapid drop from $2,772 to $2,736 early June 12. A brief rebound to $2,752 failed to hold, and a new support zone might be forming near $2,735, hinting at potential stability or a bounce ahead.
Overall, despite some short-term volatility, the flow of capital and trader sentiment suggest a cautious optimism that Ethereum could be gearing up for another upward move.
