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Ethereum is holding firm above the $2,700 mark, supported by a wave of fresh capital flowing into U.S. spot exchange-traded funds and growing optimism in the derivatives market.
Ethereum ($ETH) is trading at about $2,756 at press time, down 1.2% in the past day but still up 13% for the month. The asset has fluctuated between a weekly range of $2,419 and $2,869, indicating a struggle between bulls and bears in the face of changing market conditions.
A major driver behind Ethereum’s resilience is the strength of spot ETF inflows. According to SoSoValue data, U.S. Ethereum ETFs saw net inflows of $240.7 million on June 11, the biggest one-day total in four months and the 18th day in a row of positive flows.
With $164.05 million, BlackRock’s ETHA led the inflows, followed by Fidelity’s FETH and Grayscale’s mini $ETH offering. Cumulative inflows over the last 30 days have now reached $700 million, indicating sustained institutional interest through regulated investment vehicles.
At the same time, there is a noticeable shift in the options market toward a bullish outlook. Options are financial contracts that grant traders the right, but not the obligation, to buy or sell an asset at a predetermined price. Calls grant the right to purchase, while puts grant the right to sell. When more traders buy short-term call options, it typically reflects bets on upward price movement.
The $ETH options skew, which measures the difference in demand between puts and calls, moved sharply more negative between June 9 and 10, according to data shared by Glassnode on June 11. The 1-week skew dropped from -2.4% to -7.0%, and the 1-month skew shifted from -5.6% to -6.1%, reflecting rising demand for calls over puts. Short-term price rallies often precede such a shift.
Looking at the technical picture, Ethereum is still in a bullish structure. At 63, the relative strength index is approaching overbought but is still in neutral territory. $ETH continues to trade above its 10-day estimated moving average at $2,658, as well as its 50- and 200-day moving averages, all of which indicate sustained buying strength.
Bollinger Bands have recently widened, with the price holding onto the upper band, which is often a sign that volatility may continue. $ETH has continuously printed higher highs and higher lows since the beginning of May, supporting the upward trend.
$ETH options flip sharply bullish - 1"> Ethereum might retest $2,900 and aim for a breakout above $3,000 if ETF inflows continue to be strong and options bullishness increases. However, a drop below $2,700, especially if inflows slow, could bring a pullback toward the $2,600 level or even test support near $2,400.