Ether( ETH)

The pullback followed a brief rally to $2,872.42, which proved unsustainable as price action reversed sharply between 15:00 and 17:00 UTC

Ether price slid on Thursday, pulling back from the session highs above $2,800 as the market showed signs of fatigue after the recent rally.

The pullback followed a brief rally to $2,872.42, which proved unsustainable as price action reversed sharply between 15:00 and 17:00 UTC.

The late-session sell-off intensified in early Asia hours, punctuated by a 1.29% dip from $2,772 to $2,736 on heavy volume, before ether rebounded slightly toward $2,758 by press time.

While the cryptocurrency slid back from the gains made earlier in the week, key metrics suggest rising conviction among bulls.

On-chain data provider Glassnode reported that options skew flipped sharply negative over the past 48 hours—one-week skew dropping from –2.4% to –7.0% — indicating increased demand for short-dated calls. Put-call ratios remain heavily tilted toward upside exposure, with open interest and volume ratios holding near multi-week lows.

On-chain flows also reinforced the bullish bias.

Analytics firm Sentora (formerly, IntoTheBlock) flagged that over 140,000 ETH, worth approximately $393 million, was withdrawn from exchanges on June 11 — the largest single-day outflow in more than a month.

Simultaneously, ETH-based ETFs extended their inflow streak with another $240.3 million added Wednesday, surpassing the day’s Bitcoin ETF totals. Analyst Anthony Sassano noted that Ethereum has avoided a single net outflow day since mid-May, calling the trend “accelerating” and arguing that the asset remains structurally undervalued.

"This persistent capital inflow serves as a beacon of optimism in an otherwise volatile market," Sassano said in his Week in Review newsletter.

Though the cryptocurrency showed weakness in the short-term, market positioning and capital flows suggest traders may be buying the dip in anticipation of another upside attempt.