- Ethereum holds $2,500 support for 5 weeks, a key level tied to past rallies toward $4,000.
- ETH ETFs saw $530M in weekly inflows, led by BlackRock, reflecting growing institutional interest.
- Open Interest dropped $4B after a brief rally above $2,800, resetting market sentiment to neutral.
Ethereum is currently trading at $2,534.82. Despite recent market volatility, the cryptocurrency continues to maintain the $2,500 level as a key support. This range has historically served as a base for Ethereum’s previous rallies toward $4,000. Ethereum has now held above this level for over five consecutive weeks, showing strong resilience.
Institutional Investment Strengthens ETH Support
Ethereum spot ETFs recorded over $530 million in inflows in the past week, the highest since December 2024. This was five times higher than the recent weekly average, according to data shared by Glassnode. On June 11 alone, 77,000 ETH (valued at around $195 million) entered spot ETH ETFs.
BlackRock’s iShares Ethereum Trust (ETHA) alone accounted for $102 million in inflows on June 13, with its total net assets now standing at $4.5 billion. According to SoSoValue data, ETHA’s holdings reflect rising institutional confidence in Ethereum. Amir Forouzani, co-founder of Puffer Labs, noted that “ETH ETFs outperforming BTC ETFs stems from substantial inflows from asset managers.”
Ethereum’s staking participation also reached an all-time high, with 34.6 million ETH locked in the network. This represents nearly 28% of the total supply. Token Terminal reported that financial institutions like BlackRock and Apollo are driving asset tokenization on Ethereum, pushing the value of tokenized assets above $5 billion.
Price Consolidation Signals Market Reset
According to an observation by Crypto Patel on X, Ethereum recently broke out above $2,800, reaching a 15-week high before retracing to $2,433. Open Interest surged to nearly $20 billion during that rally, matching levels last seen when ETH traded above $3,700.
Ether Wizz commented that the recent correction “was very much needed” as market sentiment had turned overly bullish. Over the past few days, Open Interest has dropped by $4 billion, and funding rates have returned to neutral.
A potential short-squeeze could follow if these conditions persist. Ethereum continues to consolidate just below $2,600, with analysts watching $2,500 as a critical level.
