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Ethereum is currently trading at $2442.32, down over 4% in the past day. In the last 24 hours, Ethereum has moved between $2389.71 and $2556.98.
Bearish Presssure Grows as Dormant Wallets Turn Active
$ETH’s Liveliness has hit a record high of 0.69, according to Glassnode, indicating that long-term holders are moving their coins, and are likely to sell. This rise shows dormant accounts are becoming active amid weak demand and a sluggish market, adding to the growing bearish pressure on Ethereum.
Data from Defilama shows that the Ethereum chain has experienced a significant drop over the past few weeks. It has dropped from 27.99 million $ETH on 06th of May to around $25 million.
Besides, weak buying interest and falling capital inflows are adding to the pressure. If selling continues, it could fall to $2,185 or even to its May low. However, a bounce in demand could flip the trend and shift momentum back to the upside.
ETF Outflows Add to Short-Term Price Risks
On June 20, Ethereum ETFs saw a net outflow of $11.3 million, according to Farside Investors. The biggest withdrawal came from ETHA with $19.7 million, while $ETH and ETHV saw modest inflows of $6.6M and $1.8M. Other ETFs reported no activity.
Ether Sees Huge Liquidations
Ethereum has seen $170 million liqudiations in the last 24 hours, with $157 million in long. Santiment data shows that $ETH is flowing into centralized exchanges at an unusually high rate, significantly more than outflows. Unless buying picks up, $ETH could face more short-term downside.
$ETH Stuck Below $2.5K
Ethereum’s moving averages also show a mostly bearish picture. Short-term indicators like the 10-day to 30-day EMAs and SMAs are all signaling sell, with prices below key resistance levels around $2,500.
If Ethereum breaks above the $2,800–$2,850 resistance zone in the next 30 days, it could climb toward $3,000. This move may be backed by strong fundamentals and new inflows from $ETH ETFs. But the current trend is weak, so a real breakout will need stronger buying momentum to hold.
Ethereum could retest the $2,800–$2,900 range in June, if bullish momentum picks up. But if macro conditions worsen, it risks dropping to $2,280.