Ethereum (ETH) CME Gap at $2.4K—Crash Before the Comeback?

Key Points:

• Ethereum’s $2,300–$2,400 CME gap draws attention after sharp price drop to near $2,100.
• Open Interest hits $29.23B despite decline, signaling risk if bulls fail to regain momentum.
• Ethereum gains market share as altcoin volumes fall, showing investor shift toward safer assets.

Ethereum (ETH) was trading at $2,249.79 at press time, down 0.10% in the past 24 hours and 13.98% over the last 7 days. The recent sharp decline created a CME gap between $2,300 and $2,400, following a drop from around $2,440 to near $2,100 between June 21 and 22.

CME gaps often attract price action back to the unfilled range. The current gap makes $2,400 a key technical target for traders. Immediate resistance sits at $2,300. The short-term trend remains bearish, but any sustained move above this level could lead to a gap fill attempt.

According to chart data, Ethereum bounced off the $2,100 support. However, crypto analyst Ted noted,

“If Ethereum rejects the previous $2,350 range low, we’ll probably retest the impulse start or go lower.”

Futures Data Suggests High Risk if Bulls Don’t Step In

Despite falling prices, Ethereum Futures Open Interest (OI) remains elevated at $29.23 billion. This suggests traders continue to place positions, possibly expecting a bounce or volatility-driven opportunity.

However, without strong buy-side support, the growing OI may signal a potential risk. Leveraged positions may be forced to unwind if prices drop further. Elevated OI during market stress often contributes to price acceleration, particularly on the downside.

The current setup creates a critical moment. A push above $2,300 could relieve selling pressure, while rejection from that zone may lead to another decline. The market is waiting for clear direction.

Ethereum’s Market Share Grows Amid Altcoin Weakness

Recent trading volume data from Binance shows Ethereum’s dominance has increased, but not due to a surge in ETH activity. From early 2024 to mid-2025, ETH volume stayed between 300T and 490T. In contrast, altcoin volume dropped from 1.5672Qa to 387.47T.

The shift points to a decrease in trader interest in smaller assets. Rather than increasing Ethereum inflows, the dominance growth stems from altcoin exits. This change reflects more cautious market behavior.

As traders exit higher-risk tokens, some capital rotates into more stable assets like ETH. Ethereum’s consistent volume and longer-term use cases may help it retain attention during market corrections or periods of uncertainty.

Ethereum’s network stability and continued infrastructure upgrades provide a level of confidence. During times of reduced market risk appetite, capital often moves away from speculative assets and into more established platforms.

Ethereum’s position as the second-largest digital asset, combined with ongoing developments such as DeFi adoption and ETF speculation, supports its relative strength.