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Ether Faces Resistance but Traders Double Down on Accumulation
After flirting with a breakout above $2,870, Ether (ETH) stumbled on Wednesday, closing down 0.15% at $2,758 as sellers stepped in during the U.S. afternoon session. The reversal marked a pause in the prior day’s momentum, and further losses briefly pushed ETH to $2,736 in early Asia trading before stabilizing.
Yet under the surface, bullish momentum is quietly intensifying.
Data from Glassnode shows a significant shift in options sentiment, with short-dated skew plunging from –2.4% to –7.0% in just 48 hours — a signal that demand for call options is outpacing downside hedges. Open interest continues to lean heavily toward the bullish side of the ledger.
At the same time, on-chain trends reveal major accumulation. According to analytics firm Sentora, over 140,000 ETH — worth nearly $393 million — was pulled from exchanges on June 11, the largest daily outflow in over a month.
Meanwhile, institutional interest shows no sign of slowing. Ethereum ETFs attracted $240.3 million in fresh inflows on Wednesday alone, outpacing Bitcoin ETFs for the day and continuing a now four-week-long streak without a single net outflow.
“Momentum is building below the surface,” said Ethereum analyst Anthony Sassano. “This looks like a setup for something bigger.”
The price action may not yet reflect the shift in flows, but positioning data suggests many traders are getting ahead of it — betting the next move for ETH is higher, not lower.
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