- Ethereum struggles below $2,500 as bearish pressure mounts amid market volatility.
- Glassnode data shows record-high Liveliness, hinting at long-term holders selling.
- Ethereum ETFs see $11.3M net outflows; institutional demand remains weak.
Ethereum (ETH) is approaching a critical point as it struggles against ongoing market volatility. Recent price action hints at a possible breakout, but bearish signals remain strong. Traders are closely watching as Ethereum attempts to recover from recent losses.
Currently, Ethereum trades at $2,432, down 3.71% in the last 24 hours. The 24-hour trading volume stands at $25.50 billion, with a market cap of $292.25 billion. Over the past day, ETH has fluctuated between $2,389.71 and $2,556.98. A reversal pattern is forming, suggesting a potential upside if buying resumes.
Source: CoinMarketCap
On-chain data raises concerns. Glassnode reports that Ethereum’s Liveliness has reached 0.69, a record high. This suggests long-term holders are moving their coins, often a sign of incoming sell-offs. Dormant accounts are becoming active, adding to selling pressure amid weak demand and sluggish market sentiment.
Source: Glassnode
DefiLlama data shows a sharp drop in Ethereum’s total value locked (TVL). Since May 6, locked ETH has fallen from 27.99 million to about 25 million. This decline reflects reduced confidence in DeFi activity and adds to bearish sentiment.
Ethereum ETF Outflows Hit 113M as Bearish Pressure Builds
Institutional interest appears to be waning, too. Farside Investors reports that ETH ETFs saw a net outflow of $11.3 million on June 20. ETHA led withdrawals with $19.7 million out. ETH and ETHV gained modest inflows of $6.6 million and $1.8 million, but overall inflows remain weak.
The derivatives market also shows growing risk. In the last 24 hours, ETH liquidations totaled $170 million. Long positions accounted for $157 million of this amount. Sentiment data shows ETH is flowing into centralized exchanges faster than it’s leaving, signaling increased selling activity.
Technical indicators remain mostly bearish. Short-term moving averages, including the 10-day and 30-day EMAs and SMAs, all point to selling pressure. Prices remain below key resistance levels around $2,500. If selling continues, ETH could test support levels at $2,280 or even $2,185.
Still, some optimism remains. If Ethereum can break above the $2,800–$2,850 resistance in the next 30 days, it may climb toward $3,000. Strong fundamentals and renewed ETF inflows could support this move. However, sustained buying momentum is crucial. Without it, ETH risks further downside, especially if macroeconomic conditions worsen.
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