The ETH/USD closed at $2,507.86, after placing a high of $2,507.86, and a low of $2,369.70. The ETH/USD extended its upward momentum, rising for the third consecutive session on Monday. Ever since it reached a new all-time high on May 12, 2021, Ethereum has never left the headlines. According to the ETHhub Founder, Anthony Sassano, the total locked Ethereum supply is around 23%. Sassano said in a tweet that the amount of ETH in smart contracts had reached a similar level to what it was during the DAO event. He also mentioned the difference in the amount and said that in June 2016, its value was $230 million worth of ETH, while now, in June 2021, it is worth $63 billion of ETH.

Ethereum has been making many developments, and one thing that is on its way is Ethereum 2.0. ETH co-founder Vitalik Buterin said at a conference in Hong Kong, that they were facing obstacles while shifting the platform from a proof-of-work (POW) mechanism to a proof-of-stake (POS) mechanism. He said that the upgrade to Ethereum 2.o might take a lot more time. He added that they originally thought it would take one year to implement POS; however, it actually took six years. According to Buterin, if one is doing something that he thinks will take a while, in actual fact, it might take a lot longer.

Meanwhile, according to data from the digital asset manager CoinShare, the cryptocurrency investment products and funds faced outflows for the second consecutive week. Ether posted record outflows as institutional investors took a step back.The total cryptocurrency outflows were recorded as $21 million for the week ending June 11. Since then, the total outflows have reached $267 million, representing 0.6% of the total assets under management. Last week, the Ether token used in the Ethereum blockchain posed its largest outflow of $12.7 million. This token has been one of the strongest performing cryptocurrencies this year. Moreover, the US dollar remained flat throughout the day, due to a lack of significant macroeconomic data release, and the US Dollar Index remained unchanged at 90.5. At the same time, the US Treasury yields rose to 1.50%, lending some strength to the greenback. The strong US dollar kept the gains in the ETH/USD limited on Monday, as the two currencies have a negative correlation.

ETH/USD – Daily Technical Levels