Ether (ETH) staged a modest rebound Saturday, shaking off a sharp drop earlier in the week that coincided with significant institutional outflows. The cryptocurrency ended near $2,445, signaling resilience despite market jitters and shifting ETF flows.
On Friday, June 20, spot ETH ETFs in the U.S. recorded $11.3 million in net outflows, the largest daily withdrawal so far in June, according to data from Farside Investors. The decline was driven by BlackRock’s ETHA ETF, which saw its first negative flow of the month with a sizeable $19.7 million leaving the fund.
Offsetting some of that retreat, Grayscale’s ETHE took in $6.6 million, while VanEck’s ETHV ETF added $1.8 million. Other issuers reported little movement. The divergence highlights how some institutions are trimming exposure while others maintain confidence in Ether’s long-term prospects.
The ETF withdrawals came alongside pronounced price swings for ETH. On Friday, Ether plunged to $2,372.85 during a swift sell-off, with trading volume surging to nearly five times the daily average. Buyers stepped in aggressively around the $2,420–$2,430 zone, creating a solid support level that’s held up through several low-volume tests, indicating potential accumulation.
Trading activity accelerated, with ETH’s 24-hour volume jumping 18.97% above its 7-day average, underscoring heightened market interest during the rebound. ETH established an ascending trendline of higher lows, though key resistance remains in the $2,480–$2,500 range.
Technical Breakdown
- Over the past 24 hours, ETH-USD traded in a $186.44 range (7.25%), bottoming out at $2,372.85 during heavy selling pressure.
- The sharp drop came during the 17:00 UTC hour, accompanied by a volume spike to 993,622 units — nearly five times the average.
- A key support zone has formed between $2,420 and $2,430, confirmed by repeated low-volume retests.
- Ether reclaimed 38.2% of its Fibonacci retracement from the sell-off, carving an upward trendline of higher lows.
- Between 08:00 and 09:00 UTC, buying surged, lifting prices close to $2,445.
- In the final trading hour, ETH moved within a tight $5.83 range, between $2,440.14 and a close of $2,443.45.
- A late rally peaked at $2,447.02 around 11:38 UTC, with an intra-candle volume burst of 4,532 units.
- After a minor dip, ETH quickly found support near $2,439.38, maintaining its short-term upward trend.
Despite the ETF outflows and continued volatility, Ether’s ability to sustain key support zones suggests the market remains cautiously bullish on further upside.
