ETHFI bulls charge past $0.37 as spot demand outruns derivatives doubt 🐂

Ether.fi [ETHFI] traded at $0.37, up 11.24% on the daily charts, after holding the $0.30 support earlier this week and posting consecutive higher highs to touch a local peak of $0.38. Trading volume rose 72% to $58 million, while market cap climbed 12% to $346 million. The latest move reclaimed the 20- and 50-day Exponential Moving Averages (EMAs) at $0.34 and $0.36, according to market data.

June ended with ether.fi sellers showing signs of exhaustion after dominating the final week of the month, a shift that allowed buyers to defend the $0.30 support. Since then, buyers have outpaced sellers. CoinGlass data showed Spot Netflow stayed negative for four consecutive days, standing at -$188k at press time and improving from -$492k the previous day. A sustained period of negative Spot Netflow indicated demand remained strong across the spot market.

Momentum strengthened further over the past day. The Directional Movement Index (DMI) formed a bullish crossover, with the positive index climbing to 26 while the negative index dropped to 15 and the Average Directional Index (ADX) rose to 19, a setup indicating strengthening bullish momentum as selling pressure weakened. If buyers maintain control, ETHFI could reclaim the 100-day EMA near $0.40.

Derivatives traders, however, continued to reduce exposure. CryptoQuant's Futures Average Order Size data showed whales remained active throughout the recent downturn, but selling pressure stayed elevated: $59 million worth of futures positions closed over the past week and $338 million over the last month. Perpetual sell volume climbed to $88 million over the past week, reflecting continued caution that could limit the rally's durability. If selling pressure persists, ether.fi could revisit the $0.30 support.