Ether (ETH) is navigating a complex and volatile trading landscape, marked by a significant divergence between institutional sentiment and resilient spot market performance. The week concluded with a notable event in the U.S. spot Ether ETF market. On Friday, these funds experienced their largest single-day net outflow for the month of June, totaling $11.3 million, according to detailed data from Farside Investors. This figure highlights a growing caution among some institutional players. The primary driver of this outflow was BlackRock’s IBIT ETF, which recorded a substantial $19.7 million withdrawal, its first and only negative flow day in June. This move by a major player suggests a potential de-risking or profit-taking strategy from at least one large entity. However, the narrative is not one-sided. Grayscale’s ETHE product continued to attract capital, pulling in $6.6 million, while VanEck’s ETHV added a modest $1.8 million, partially mitigating the headline loss. This split in institutional flows points to a divided market, where some are reducing exposure while others continue to see value and accumulate.

ETH Price Action: A Technical Tug-of-War Below $2,600

Despite the bearish signal from ETF outflows, the ETH spot price demonstrated remarkable resilience. The market witnessed a dramatic sell-off on Friday, with the ETH/USD pair plunging to a session low of $2,372.85. This sharp decline was characterized by an extraordinary spike in trading volume, which surged to nearly five times the daily average during the 17:00 UTC hour, indicating a wave of panic selling or forced liquidations. However, buyers aggressively stepped in to defend key levels. A robust support zone quickly formed in the $2,420 to $2,430 range. This zone was validated by multiple subsequent tests on significantly lower volume, a classic technical sign of seller exhaustion and buyer accumulation. Following this defense, ETH began to carve out an ascending trendline built on a series of higher lows, signaling a shift in short-term momentum. The price managed to close the session near $2,445, setting the stage for a weekend recovery.

Analyzing Volume and Cross-Pair Strength

The recovery was substantiated by strong trading activity. The 24-hour trading volume for the ETH/USDT pair, a key liquidity gauge, stood at a robust 545.94 million. More telling was the ETH/BTC trading pair, which provides insight into Ether's strength relative to Bitcoin. The ETH/BTC ratio climbed by over 3.5% to trade around 0.02358, indicating that during this rebound, ETH was outperforming the market leader. This relative strength is a crucial bullish signal for altcoin traders, as it suggests that capital is rotating into Ether with more conviction than into Bitcoin. The volume surge during the initial dip and the subsequent buying pressure underscore a high level of market interest and participation, confirming that the recent price levels are critical battlegrounds for both bulls and bears. Traders are now closely watching if this volume-backed momentum can sustain itself to challenge higher resistance levels.

Navigating Resistance and Broader Market Context

After establishing support, Ether successfully broke through the initial resistance area of $2,480–$2,500. Current market data shows ETH trading decisively above this psychological barrier, with the price for the ETH/USDT pair reaching $2,593.57 and posting a 24-hour high of $2,615.26. This breakout transforms the previous resistance into a new support floor. The immediate challenge for bulls is to maintain prices above $2,500 and consolidate before attempting a move towards the next significant resistance levels, likely found near the $2,650 and $2,700 marks. The broader altcoin market appears to share this cautiously optimistic sentiment. Solana (SOL), another key barometer for market health, also posted strong gains, with the SOL/USDT pair rising over 4% to $155.61. This parallel strength in major altcoins suggests that the recovery is not isolated to Ether and may represent a broader, albeit tentative, risk-on sentiment returning to the crypto markets. Traders should monitor the SOLETH pair, currently at 0.068, to gauge the relative momentum between these two leading smart contract platforms.