Kraken Traders Watch Ethereum’s Rangebound Battle: Will Bulls Break the $2,620 Ceiling?
As of June 20, 2025, Ethereum's price action has captured the attention of Kraken traders as it oscillates within a tightening range. The second-largest cryptocurrency by market cap is currently testing key levels after a recent dip below the $2,600 support zone. Technical analysis reveals a rising channel formation on hourly charts, with immediate support holding at $2,490. Market participants are closely monitoring the $2,550 resistance level, which has become a critical battleground between bulls and bears. A decisive breakout above $2,620 could signal the beginning of a new upward trajectory, potentially fueled by improving market sentiment and the 50% Fibonacci retracement level acting as a springboard. This consolidation phase follows Ethereum's strong performance earlier in the year, and many analysts believe the current range-bound movement represents accumulation before the next major move. Kraken's trading volume data shows increased activity around these key levels, suggesting institutional interest may be building. The outcome of this technical standoff could determine Ethereum's medium-term direction as traders await either a confirmation of bullish strength or warning signs of further downside.
Ethereum Price Stuck In a Range — Are Bulls Ready to Break Out?
Ethereum's price has entered a consolidation phase after a recent decline below the $2,600 support level. The cryptocurrency now faces critical resistance NEAR $2,550, with market participants watching for signs of a bullish reversal.
A rising channel formation on the hourly chart suggests potential support at $2,490, while a break above $2,620 could signal the start of a fresh upward move. The 50% Fibonacci retracement level at $2,565 marks another key threshold for ETH bulls to conquer.
XRP Price Consolidates as Traders Eye Potential Upside Break
XRP faces a critical technical juncture after retreating from the $2.20 support level. The sixth-largest cryptocurrency by market cap now trades below both this psychological threshold and its 100-hour moving average, with Kraken data showing a tightening consolidation pattern.
A symmetrical triangle formation on hourly charts suggests brewing volatility, with $2.17 acting as immediate resistance. Market technicians note that a decisive close above $2.20 could invalidate the current bearish structure, potentially triggering a MOVE toward $2.23 - representing a 50% retracement of the recent decline from March's $2.34 peak.
The asset's performance remains correlated with broader market sentiment, mirroring recent pullbacks in both Bitcoin and Ethereum. Liquidity concentrations around the $2.12 support level have so far prevented steeper declines, creating what some traders describe as a 'spring coil' technical setup.
Bitcoin Cash (BCH) Pops 8% Higher — Can The Momentum Continue?
Bitcoin Cash surged past key resistance levels, climbing over 8% to test the $495 zone. The rally breached a bearish trendline at $472, with BCH now consolidating above $485. Market watchers eye the $500 threshold as the next battleground.
Liquidity pools suggest growing institutional interest in BCH derivatives. The coin's outperformance against BTC and ETH this week reflects renewed appetite for altcoins with strong utility narratives. Kraken's order books show stacked bids at $475.
Technical indicators hint at potential upside toward $520 if bulls hold the 23.6% Fib level. 'When Bitcoin Cash breaks structure like this, it tends to run hard,' noted a Genesis Trading desk analyst. The $440 support base appears to have anchored this leg upward.
