As Bitcoin (BTC) price rallied above $110k on Monday, June 9, Ethereum (ETH) price jumped over 7 percent in the last 24 hours to trade about $2,686 during the late North American trading session. The large-cap altcoin, with a fully diluted valuation of about $323 billion and a 24-hour average trading volume of around $19 billion, rebounded from the lower border of a consolidation level of around $2,480.
As a result, the ETH price has been retesting a crucial local resistance level around $2,681, whereby the Ether price was rejected four times in the past four weeks.
According to market data analysis from CoinShares, Ethereum’s investment product dominated last week’s cash inflow with about $296 million. Notably, Ether’s investment product outpaced Bitcoin’s, which recorded a net cash outflow of about $56.5 million last week.
As Coinpedia had reported, BlackRock’s ETHA has recorded significant cash inflows in the past two weeks, suggesting a strong demand from institutional clients.
Ethereum price is well positioned to rally towards a new local high this week fueled by the rising narrative of altseason 2025. With Bitcoin dominance signaling an imminent market reversal, more crypto investors are betting on a major altcoin rally in the near future.
Furthermore, the ETH/BTC pair is heavily oversold in the weekly timeframe, amid the recent market reversal.
Earlier on Monday, the U.S. Chair Paul Atkins highlighted that American crypto investors have the right to self-custody of crypto assets. Additionally, Chair Atkins highlighted that a new and clear set of DeFi regulations are needed to foster the development of the nascent blockchain technology.
With Ethereum harboring the largest DeFi space, with a total value locked (TVL) of about $63 billion and a stablecoins market cap of around $124 billion, the altcoin is well positioned to rally further in the near future.
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