Ethereum Stuck in a Tight Range Despite ETF Inflows
Ethereum’s price hasn’t moved much lately. It’s been hovering around $2,400 for days now—about 15% below its peak earlier this month. That’s a little surprising, considering Wall Street seems to be betting big on ETH again.
Last week, Ethereum ETFs pulled in $283 million, way up from the $40 million they saw the week before. In fact, these funds have now had seven straight weeks of inflows, which is a record. June alone brought in over $1.1 billion, more than double May’s numbers. Since September, total inflows have crossed $4.1 billion, with BlackRock’s ETHA fund holding a hefty $4.25 billion of that.
So why isn’t ETH reacting? Maybe the market’s just slow to catch up. Or maybe there are other forces at play.
The Risks Lurking Beneath the Surface
For one, more ETH is sitting on exchanges now—7.44 million tokens, up from 7.12 million earlier this month. That usually means people are getting ready to sell, maybe to lock in profits after May’s rally.
Then there’s the whale activity. Big holders have been cutting back, with their total supply dropping to 100.48 million ETH from a yearly high of 103.9 million. When whales start offloading, it’s rarely a good sign.
And technically? ETH isn’t looking great. It’s slipped below the 200-day moving average, something that last happened in February—right before a 55% crash. The price also broke out of what traders call a “bullish flag” pattern, but not in the way bulls would’ve hoped. Instead of rallying, it dipped below the lower boundary, which often signals more downside ahead.
What’s Next for ETH?
The ETF numbers suggest institutional investors are optimistic, or at least willing to take a chance. But the on-chain data and chart patterns tell a different story—one where ETH could be headed toward $2,000 or lower if things don’t turn around.
It’s a weird spot. The big-money inflows should be a tailwind, but the market’s not responding. Maybe it’s just a matter of time. Or maybe the selling pressure from exchanges and whales is stronger than anyone expected.
For now, ETH seems stuck. Whether it breaks up or down next is anyone’s guess.
