Ethereum maintained its upward trend on June 15th, rising by 2.75% for the second consecutive day. The decision was made following a change in market sentiment, influenced by news of a U.S.-Iran peace agreement and the reopening of the Strait of Hormuz. ETH was valued at 1,720, reflecting a 2.75% increase over the last 24 hours. Trading volume increased significantly by over 65% to $4.95 billion, reflecting a rise in market activity. Even with the rally, one metric continued to raise concerns. According to reports, there has been an increase of 76,000 ETH in Exchange Reserves over the past week. Growing reserves typically indicate increased selling pressure, as more tokens are moved to exchanges. However, the Spot Inflow/Outflow data offered a different viewpoint. In the last 24 hours, around 21.72 million in ETH has left exchanges. Outflows from exchanges often suggest that accumulation is taking place, as investors move their assets into private wallets. Furthermore, significant activity from large investors continued to offer backing.
A crypto transaction tracker reported on X that an Ethereum ICO whale borrowed 10 million USDe from Aave and purchased 5,817 ETH at an average price of $1,719. That purchase signalled continued faith in Ethereum’s short-term outlook. Retail and derivative traders appeared to share a comparable optimistic outlook. According to source, the Long/Short Ratio for ETH rose to 1.0358, suggesting a slight advantage for bullish positions. Meanwhile, 1,684.1 and 1,738.1 emerged as important liquidation zones. Data indicated that traders had established 457.28 million in long positions around the level of 1,684.1. In contrast, short positions totalled $193.54 million at around $1,738.1. That imbalance suggested that bulls possessed a stronger belief compared to bears. This left market participants focused on whether buyers could sustain recent developments. According to the daily chart, Ethereum’s short-term outlook continues to show positive trends.
However, its overall trend continued to face challenges. ETH stayed under its 200-day Exponential Moving Average, suggesting that long-term sellers continued to hold the upper hand. Even so, Ethereum recently surpassed the $1,720 resistance level and finished a daily candle above it. The level has limited price increases since June 7th. If ETH maintains a position above $1,720, it may continue its upward movement toward $1,820. A drop below $1,700, however, could weaken the current structure and initiate additional selling pressure. Meanwhile, the Average Directional Index was recorded at 48.06. A reading above 25 usually signifies a strong trend, bolstering the current bullish momentum.
