Ethereum (ETH) Price: Buyers Need to Hold $1,700 as ETH Hits Major Resistance

TLDR

• Ethereum futures open interest has dropped by about 2 million ETH since May 28.
• Funding rates have moved between positive and negative, showing weak conviction from both bulls and bears.
• ETH is trading in a tight $1,741 to $1,806 range, with the 20-day EMA near $1,794 acting as resistance.
• Spot ETF inflows turned positive again, but the totals were still modest at $9.6 million on Tuesday.
• Analyst Ted Pillows said the $1,700 to $1,750 zone is the key support area to watch.

Ethereum (ETH) traded near $1,740 as derivatives activity stayed weak after the recent market reset. The latest data showed traders are still cautious after ETH dropped below $1,600 earlier this month.

Futures open interest fell to 13.64 million ETH on Sunday. That was the lowest level since early May before a small recovery followed Monday’s bounce above $1,700.

Since May 28, ETH futures have seen a capital decline of about 2 million ETH. That points to a risk-off mood among leveraged traders.

Funding rates also reflected a soft setup. Over the past two weeks, they moved back and forth between negative and positive levels.

That pattern suggests neither bulls nor bears have taken clear control. It also follows heavy long liquidations that hit the market during late May and early June.

On the spot side, exchange reserves dipped slightly over the past two days. US spot Ether ETFs also posted a second straight day of inflows, adding $9.6 million on Tuesday.

Resistance remains close overhead

Even with that small improvement, the data still points to weak conviction. Retail and institutional demand has not yet shown a strong shift.

On the daily chart, ETH remains under the 20-day, 50-day, and 100-day exponential moving averages. Those levels are clustered from about $1,794 to $2,109.

The 20-day EMA near $1,794 is the first nearby resistance. Above that, traders are watching the horizontal barrier at $1,806.

If ETH breaks higher, the next resistance levels are $1,909, $1,955, and $2,019. The 100-day EMA near $2,108 is another level that could limit gains.

Support zone is now the key focus

On the downside, immediate support sits near $1,741. Below that, the next levels to watch are $1,524, $1,405, and then $1,156.

A second article also focused on the $1,700 to $1,750 area. It said a clean break below $1,700 could increase the risk of a move toward sub-$1,500 levels.

A tweet included in the source material came from analyst Ted Pillows. He said Ethereum has dropped below $1,800 and that the $1,700 to $1,750 support zone should hold for another bounce, or else Ethereum could fall toward sub-$1,500.

The same report said Fed guidance and weak trading volume may shape ETH price action into the June monthly close. For now, the latest factual setup is clear: Ethereum is trading in a narrow band, with resistance near $1,794 to $1,806 and support focused on $1,741 and the wider $1,700 to $1,750 zone.

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