During Tuesday’s early Asian trading hours, the ETH/USD coin price failed to maintain its winning streak of the previous day, edging down to below the $2,600 level. It is worth recalling that the ETH/USD coin has consolidated the accumulated gains within the moving averages. Still, the overnight bullish rally across the board placed the Ethereum price on a recovery trajectory, pulling the price above the crucial $2,800 level. The ETH price was trading at $2,844, after adding around 4.69% to its value yesterday. The strength of the coin began to open the door for a huge recovery movement, targeting $2,900. But the gains were short-lived and temporary, and Ethereum failed to clear the $2,900 resistance level and started a downside correction. However, the initially bullish bias surrounding Ethereum was mainly sponsored by the report indicating that multiple crypto funds have started seeing net inflows after weeks of record outflows. The report notes that Ether vehicles saw a total of $47 million in inflows, bringing its market dominance up to 27%.

Meanwhile, the bullish bias could also be tied to the fact that Defi protocols maintain a $48 billion total value locked (TVL), even though the sector took a significant hit after the recent Ether price crash. Furthermore, the weaker US dollar has also been playing an important role in underpinning the Ethereum prices. The ETH/USD coin price is currently trading at 2,630.56 and consolidating between 2,572.99 and 2,844.39.

Another positive factor for the ETH prices were reports suggesting that Defi protocols have maintained a $48 billion total value locked (TVL), even though the sector took a substantial hit after the recent Ether price crash. The 57% rise over the past three months should please even the most optimistic investors, but crypto traders notoriously exaggerate whatever has happened in the most recent weeks. Therefore, as Ether dropped from the $4,380 all-time high on May 12, traders quickly combined to set up protective puts down to $400.