With Ethereum set to finish May down 12.6 percent, attention is on its price outlook for June.

On May 28, BeInCrypto reported that U.S. spot Ethereum exchange-traded funds (ETFs) saw net outflows of $401.62 million, weighing on investor sentiment.

Ethereum's price has tracked ETF fund flows closely this year. In March, net outflows were limited to $46.01 million and the price rose 7.07 percent. In April, net inflows of $355.98 million accompanied a 7.38 percent gain. In May, net flows turned negative and the price fell 12.6 percent. May's outflows were the third-largest after November and December 2025.

Seasonality is also a burden. Since 2016, Ethereum's average return in June has been minus 6.74 percent and the median has been minus 5.65 percent. Over the past 10 years, June has ended higher only 3 times.

On-chain indicators, however, point to accumulation. By Santiment's measure, whale holdings excluding exchanges rose to 125.17 million ETH from 124.15 million ETH on May 1. Whales continued net buying even as the price fell 12 percent over the same period. Cumulative accumulation exceeded $2 billion.

Long-term holder flows were similar. Glassnode's indicator for changes in long-term holder net positions has remained positive since Feb. 24, and the pace of increase has grown since mid-May. In February, the indicator deteriorated sharply and Ethereum fell 19.6 percent over a month, but that pattern did not appear in this correction, it said.

Technically, downside bias is continuing. On the two-day chart, Ethereum has formed an inverted cup pattern since late March. The outlet pointed out that even if a rebound occurs, it is likely to be limited to the handle area of an inverted cup-and-handle pattern.

The current price is around $1,977. Overhead supply is concentrated at $2,059 to $2,075 and $2,154 to $2,170, where 1.37 million ETH and 1.24 million ETH are stacked, respectively. If a rebound occurs, selling pressure could intensify in the $2,055 to $2,134 range. If the two-day candle closes below $1,964, it would confirm a downside break from the inverted cup-and-handle pattern and the price could fall 21 percent to $1,545. The intermediate support level is $1,798.