Ethereum Stands Tall Above $2,700: ETF Inflows and Bullish Options Market Propel Crypto Giant

Ethereum's Price Action

Hang onto your hats, folks! Ethereum is putting up a solid fight, staying above the $2,700 mark. Right now, it's hovering around $2,756, down just a smidge—1.2%—over the last day, but still rocking a 13% gain for the month. It's been bouncing between $2,419 and $2,869 this week, showing us the epic tug-of-war between the bulls and bears as market vibes keep shifting.

ETF Inflows: The Powerhouse

So what's keeping Ethereum's head above water? You guessed it—those juicy spot ETF inflows. On June 11, U.S. Ethereum ETFs pulled in a whopping $240.7 million, the biggest one-day haul in four months and the 18th straight day of positive vibes. BlackRock's ETHA took the lead with $164.05 million, with Fidelity's FETH and Grayscale's mini ETH not far behind. Over the last 30 days, these inflows have piled up to $700 million, showing us that the big players are still all in on Ethereum through these slick investment vehicles.

Options Market: Bullish Vibes

Meanwhile, over in the options market, things are getting seriously bullish. Options are like betting slips that let traders buy or sell an asset at a set price. Calls are your ticket to buy, and puts let you sell. When more folks are snagging short-term calls, it's a sign they're betting big on the price going up.

From June 9 to 10, the ETH options skew—a fancy way to measure the demand for puts versus calls—dipped hard. The 1-week skew went from -2.4% to -7.0%, and the 1-month skew shifted from -5.6% to -6.1%, all according to data from Glassnode on June 11. This means more folks are itching for calls than puts, and you know what? Short-term price jumps often follow this kind of shift.

Technical Analysis: Bullish Structure Intact

Let's dive into the nitty-gritty. Ethereum's still sporting a bullish structure. The relative strength index is chilling at 63, flirting with overbought territory but still hanging in the neutral zone. ETH's not just above its 10-day moving average of $2,658; it's also cruising above its 50- and 200-day moving averages, all screaming that the buying strength is no joke.

Those Bollinger Bands? They've been stretching out, and the price is glued to the upper band, hinting that the wild ride might keep going. Since May kicked off, ETH's been stacking higher highs and higher lows, giving the upward trend some serious legs.

Future Outlook

So, where's Ethereum headed next? If those ETF inflows keep pumping and the options market stays bullish, we might see Ethereum testing $2,900 and even busting through $3,000. But watch out—drop below $2,700, especially if inflows start to cool off, and we could see a pullback to $2,600 or even a dip to test the $2,400 support level.