Ethereum Under Pressure: ETF Outflows, Liquidations, and Risk Below $2,3K

• Ethereum records $170 million in liquidations
• ETH ETFs see net outflows of $11,3 million
• Movement of old portfolios increases selling pressure

Ethereum is facing a notable increase in selling pressure following signs that long-term holders are starting to move their assets. According to data from Glassnode, ETH’s liveliness indicator has hit a record high of 0,69, suggesting that coins that have been dormant for years are being moved out — possibly for sale on exchanges. This movement comes at a time when the cryptocurrency market remains sideways and with low demand.

The DeFiLlama platform ready that the amount of ETH on the network has fallen from 27,99 million on May 6 to approximately 25 million, reinforcing the weakening in on-chain activity. In addition, inflows to Ethereum remain timid, which increases the risk of further declines in the short term. With ETH below the $2.500 mark, technical analysts point to the next support ranges of $2.280 and $2.185.

Ethereum exchange-traded funds (ETFs) are also showing signs of a pullback. On June 20, net outflows totaled $11,3 million. The largest withdrawal was recorded by ETHA, with a withdrawal of $19,7 million, while ETH and ETHV saw more modest inflows of $6,6 million and $1,8 million, respectively. The other products remained stable.

In the derivatives market, the numbers reinforce the negative trend. Ethereum accumulated liquidations of US$ 170 million in just 24 hours, of which US$ 157 million were from long positions. Data from Santiment shows that ETH is flowing into centralized exchanges at an above-average pace, indicating selling pressure.

Ethereum ETF Flow ($ million) – 2025-06-20

TOTAL NET FLOW: -11.3

ETHA: -19.7
FETH: 0
ETHW: 0
CETH: 0
ETHV: 1.8
QETH: 0
EZET: 0
ETHE: 0
ETH: 6.6

For all the data & disclaimers visit: https://t.co/FppgUwAthD

— Farside Investors (@FarsideUK) June 21, 2025

Technical indicators remain in bearish territory. Short-term exponential moving averages (EMAs) and simple moving averages (SMAs) indicate resistance around $2.500. If the cryptocurrency manages to break out of the $2.800 to $2.850 range, there is potential to reach $3.000 — provided there is a significant increase in capital inflows, including institutional flows via ETFs. If this does not occur and macroeconomic factors remain unfavorable, the asset may decline further.