Ethereum Price Dips Below $2,760 Despite Bullish On-Chain Signals

Ethereum (ETH) struggled to sustain momentum on June 11, slipping 0.15% to $2,758 amid renewed selling pressure during the U.S. afternoon session. The dip followed a short-lived rally that peaked at $2,872.42 before a sharp reversal between 15:00 and 17:00 UTC.

Heavy selling during late U.S. hours carried into the early Asian session, pushing ETH down 1.29% from $2,772 to $2,736 on heightened volume. A mild recovery brought the price back to $2,758 at press time. Despite this short-term weakness, several market indicators suggest strong underlying bullish sentiment.

According to Glassnode, Ethereum’s one-week options skew fell from –2.4% to –7.0%, signaling increased interest in short-term call options. The put-call ratio remains tilted toward bullish positions, while open interest and volume ratios are at multi-week lows, reflecting high demand for upside exposure.

On-chain data supports the bullish case. Sentora reported over 140,000 ETH—worth roughly $393 million—was withdrawn from centralized exchanges on June 11, marking the largest single-day outflow in over a month. Meanwhile, ETH-based ETFs extended their inflow streak, with $240.3 million added on Wednesday alone, outperforming Bitcoin ETFs for the day. Crypto analyst Anthony Sassano highlighted that Ethereum hasn't had a net ETF outflow since mid-May, suggesting growing institutional interest.

Technically, ETH traded between $2,733 and $2,872, with strong selling pressure around the $2,870–$2,880 range. Support near $2,745–$2,755 was breached multiple times, with a sharp drop triggering over 34,000 ETH in volume. A minor rebound toward $2,752 failed to hold, though new support appears to be forming around $2,735.

While short-term volatility persists, current inflows and exchange outflows point to continued dip-buying and long-term confidence in Ethereum’s upside potential.