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The crowd has written off Ethereum as negative narratives dominate social media, but Santiment notes such extreme pessimism has historically preceded sharp.
The cryptocurrency market has been stagnant over the past 24 hours, with Bitcoin trading between the $62,000 and $63,000 regions during that period. Ethereum (ETH), the second-largest cryptocurrency by market cap, is up by less than 1% and continues to trade below $1,700, as per data from various crypto trading platforms, Despite the positive fundamental news, technical indicators suggest that the bears remain in control of the market.
Ethereum has bounced from oversold conditions, but key moving averages continue to cap upside progress.
U.S. spot Bitcoin ETFs saw $326 million in net outflows on June 5, with Ethereum ETFs losing nearly $6 million, signaling cautious institutional positioning.
Bitcoin’s open interest dropped roughly 25% to $23.2B, its lowest since early April, while Ethereum’s fell 13% to $9.8B, levels last seen in March.
Ethereum has been underperforming since the start of the week, losing 17% of its value over the last seven days. The decline comes amid a massive selloff in the broader cryptocurrency market. Ethereum has lost the $1,700 level, with the bears now targeting the $1,500 psychological level in the near term.
Bitcoin and Ether options worth $1.89B expire as BTC trades near $60K, with hedging demand rising after Middle East ceasefire hopes.