Ethereum continues to hold around the $2,528 mark as the market focuses on exchange outflows and upcoming option expirations. Current trends affirm buyer activity.
Exchange Outflows and Their Significance
According to CoinGlass, over $82 million worth of ETH has flowed out of exchanges in the past 48 hours. These continuous net outflows are often perceived as an indication of accumulation, suggesting that large holders are moving assets into personal wallets. This reduces exchange supply and may maintain high pressure on prices in the short term.
Ethereum Options Data
Deribit metrics indicate significant open interest accumulation at $2,500 and $2,600 strike prices for Ethereum options expiring on June 21. This may lead to increased volatility as the expiration date approaches, as traders may be forced to hedge their positions.
Current Price Patterns and Outlook
The 4-hour chart of Ethereum indicates price compression, suggesting an imminent breakout following increased demand. Current price action shows buyers starting to gain control, although resistance near $2,580 is still holding back development. Key levels to watch include support at $2,457 and resistance at $2,580.
Today's modest price rise in Ethereum aligns with notable exchange outflows and options market activity. Technical patterns and derivatives pressure also suggest a possible breakout in the near future.
