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Market Direction

Ethereum range narrows amid macro uncertainty

Published: Jun 20, 2025
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ETH remains in a tight range as open interest stays elevated. Price action across SOL, HYPE, and AURA is similarly tense — all eyes are on the next move.

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Disclaimer: This is not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results.


  • ETH's Open Interest also remains elevated whilst price has remained range-bound.
  • The Funding Rate is positive but not frothy, suggesting that there is a bias to be Long, but that positioning is evenly balanced.
ETH's Open Interest (by USD value):

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Technical analysis

  • ETH has had very boring price action, with the price mostly remaining range-bound between $2,420 and $2,720.
  • Price did break out above $2,720 but swiftly rejected back into the range upon the escalations in the Middle East.
  • So far, price has used the $2,420 horizontal level as support. If the price were to break below $2,420, then the next major level of support would be at $2,160. We would be buyers of ETH at these levels should they be retested.
  • To the upside, the major level to clear above is $2,720, and then $2,850.
  • The RSI has meaningfully reset, and it's using its downtrend line as new support. However, the RSI is below its moving average, which may prove to be a resistance for upside.
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  • Next Support: $2,420
  • Next Resistance: $2,720
  • Direction: Neutral/Bearish
  • Upside Target: $2,850
  • Downside Target: $2,160

Cryptonary's take

Like BTC, ETH looks somewhat fragile here, although the price has held well considering the escalation we've had in the Middle East, which has been due to relatively good ETF flows. We expect ETH to retest $2,420, and if it breaks, then we'd look to bid ETH into $2,160, should it go as low as that.

However, this isn't our base case, and we are impressed that ETH has remained range-bound under recent macro and geopolitical uncertainty. If there is a resolution to the Iran/Israel war, then we'd expect ETH to move up to $2,720 upon this. If the conflict drags out, then it's possible we see price break $2,420 and visit $2,160.

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