6.11 Thursday ETH Morning Thoughts

Today, Ethereum continues its overall weak sideways trend, with the current price around 1640. Intraday trading is firmly confined within a narrow range of $1606 to $1668, with overall trading volume continuously shrinking. Both bulls and bears are in a wait-and-see stance, and trading sentiment is particularly subdued.
From the flow of funds in the market, it’s clear that Ethereum’s movement always depends on Bitcoin’s correlation. ETH/BTC exchange rate has long hovered at a low level of 0.026 to 0.027, with funds more inclined to flow into Bitcoin for safe-haven purposes, making it difficult for Ethereum to break out of an independent upward trend. Coupled with continuous net outflows from spot Ethereum ETFs over recent days, institutional funds are withdrawing steadily. Additionally, the DeFi ecosystem and Layer 2 networks divert value, so even when indicators approach oversold zones, only small technical rebounds can be supported, which are insufficient to reverse the daily downtrend dominated by bears.
Looking at the price levels, the immediate support on the downside is at $1610-1620. As long as this zone holds, the market will continue to fluctuate narrowly. If volume increases and the price breaks below the critical line of $1590, the trend will open downward, with the next target at the recent low of $1505. On the upside, resistance levels layer up: the first resistance at $1655-1670, repeatedly tested with quick pullbacks confirming resistance. Only a volume breakout above $1720 could potentially reverse the short-term downtrend and initiate a recovery.
Trading suggestion: watch for a rebound around $1660, with a $BTC target of $1600.