In the past week, Ethereum prices have been under pressure, but signs of a potential turnaround are emerging.
Current Ethereum Price Dynamics
Ethereum has been showing a slight but steady movement within an ascending range. Over the past seven days, the price of Ether has declined by 14% after interacting with ascending resistance, reaching a level of $2,880 and then returning to support at $2,454. This price recovery also coincided with a retest of the 50% RSI level, strengthening the possibility of a recovery within the ascending range.
ETF Flows and Demand for Ethereum
Since June 10, Ethereum has experienced dominating outflows, which coincided with a negative trend for the cryptocurrency. However, recent inflows were registered at $6.5 million, indicating an increase in demand. Nevertheless, Ethereum's exchange flows have dropped to levels last seen in early November 2024, although inflows remain significantly higher than outflows.
Activity in the Derivatives Segment
Derivatives activity also signals changes in investor sentiment. After a significant drop from June 10 to 18, Ethereum's open interest showed a notable uptick in the last 24 hours. The fear and greed index for Ethereum also rose from 50 to 52, indicating a potential improvement in sentiment among market participants.
Despite signs of a potential pivot, market uncertainty persists. The influence of Bitcoin dominance and other economic factors may significantly affect Ethereum's value in the coming weeks.
