Log in

Market Direction

Can ETH join BTC's breakout party?

Updated: Jul 25, 2024
Published: Dec 1, 2023
0
Share:

ETH has moved higher but hasn't been able to break above its main horizontal resistance at $2,120 as BTC has.

Post Feature Image

If BTC consolidates in the low/mid $38Ks, we'd expect ETH to begin moving and attempt its own breakout.

TLDR

  • ETH faces key resistance at $2,120; it must break above to see further upside.
  • Bullish structure intact unless price drops below $1,933.
  • Mechanics look healthy; there is not much leverage or imbalance in longs/shorts.
  • Attractive long-term buy at current prices around $2,000.
Disclaimer: Not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results. “One Glance” by Cryptonary sometimes uses the RR trading tool to help you quickly understand our analysis. They are not signals, and they are not financial advice.
ETH 1D
aligncenter size-full wp-image-290608

Technical analysis

  • ETH has moved higher, but it still remains underneath its key horizontal resistance of $2,120.
  • If $2,120 can be overcome, we expect $2,340 to be relatively easily achieved.
  • To the downside, ETH will need to hold $1,933 to maintain a bullish structure. But, regardless of structure, we would be DCA buyers of ETH at $1,933.
  • The RSI remains positive on all timeframes except the 3D, potentially putting in a second bearish divergence in overbought territory - something we must be wary of. 

Market mechanics

  • ETH’s Open Interest has pulled back slightly and is at $7.33b. This is not too high at all. 
  • The OI-Weighted Funding Rate has ramped up in a similar style to BTC, but it’s only at 0.013%, indicating there is a bias to be Long, but Longs are not so overweight that there’s a clear imbalance between Longs and Shorts here.  
  • The Long/Short Ratio is at 1.011. This is relatively healthy and indicates an even balance between Longs and Shorts.

Cryptonary’s take

From a mechanics perspective, we think ETH looks positive here. There isn’t loads of leverage, and neither side (Longs or Shorts) are too overweight and vulnerable to a squeeze.

From a TA perspective, ETH is in a middle ground. It ultimately needs to clear above $2,120 to see sustained further upside. However, we think that in the long term, ETH at the current price is very attractive. We would, therefore, be DCA buyers at the current price (particularly if your current exposure is light). If we are given close to $1,933 or below, we would be aggressive buyers of ETH at those price points.  

 

100% Success Money Back Guarantee

If our approach doesn’t outperform the overall crypto market during your subscription, we’ll give you a full refund of your membership. No questions asked. For quarterly and monthly subscribers this is applicable once your subscription runs for 6 consecutive months.

Terms & Conditions apply

Star

Trusted by 300,000+ traders

Take your next step towards crypto success

Save 50%

$799/year

Get everything you need to actively manage your portfolio and stay ahead. Ideal for investors seeking regular guidance and access to tools that help make informed decisions.

VisaCardImageMsCardImageCoinbaseCardImageSolanaCardImage

For your security, all orders are processed on a secured server.

What’s included in Pro:

  • Success Guarantee, if we don’t outperform the market, you get 100% back, no questions asked

  • 24/7 access to experts with 50+ years’ experience

  • All of our top token picks for 2025

  • Our latest memecoins pick with 50X potential

  • On hand technical analysis on any token of your choice

  • Weekly livestreams & ask us anything with the team

  • Daily insights on Macro, Mechanics, and On-chain

  • Curated list of top upcoming airdrops (free money)

Our track record speaks for itself

With over 2.4M tokens and widespread misinformation in crypto, we cut
through the noise and consistently find winning assets.

/images/advertorial/corpcomm3.webp
/images/advertorial/corpcomm4.webp
/images/advertorial/corpcomm5.webp

Frequently Asked Questions

Yes. We've consistently identified winners across multiple cycles. Bitcoin under $1,000, Ethereum under $70, Solana under $10, WIF from $0.003 to $5, PopCat from $0.004 to $2, SPX blasting past $1.70, and our latest pick has already 200X'd since June 2025. Everything is timestamped and public record.

No. When we founded Cryptonary in 2017 the market was new to everyone. We intentionally created content that was easy to understand and actionable. That foundational principle is the crux of Cryptonary. Taking complex ideas and opportunities and presenting them in a way a 10 year old could understand.

Signal vs noise. We filter out 99.9% of garbage projects, provide data backed analysis, and have a proven track record of finding winners. Not to mention since Cryptonary's inception in 2017 we have never taken investment, sponsorship or partnership. Compare this to pretty much everyone else, no track record, and a long list of partnerships that cloud judgements.

We share highly sensitive, time-critical research. Once it's out, it can't be "returned." That's why membership is annual only. Crypto success takes time and commitment. If someone is not willing to invest 12 months into their future, there is no place for them at Cryptonary.

Yes. You will have 24/7 to the team that bought you BTC at $1,000, ETH at $70, and SOL at $10. Through our community chats, live Q&As, and member only channels, you can ask questions and interact directly with the team. Our team has over 50 years of combined experience which you can tap into every single day.

Daily. We provide real-time updates, weekly reports, emergency alerts, and live Q&As when the markets move fast. In crypto, the market moves fast, in Cryptonary, we move faster.

If our approach to the market doesn’t beat the overall crypto market during your subscription, we’ll give you a full refund of your membership fee. No questions asked. For quarterly and monthly subscribers this is applicable once your subscription runs for 6 consecutive months.

Recommended from Cryptonary
BTC, ETH, and More: Double Bottoms and a Critical Bounce
PRO
Market Direction
BTC, ETH, and More: Double Bottoms ...Markets rebound off key lows, BTC and major alts flash double bottom signals. Will support hold for ...
6 min read
Oct 20, 2025
BTC, ETH, and More: Bearish Pressure as Key Support Levels Break
PRO
Market Direction
BTC, ETH, and More: Bearish Pressur...Markets face critical retests with BTC and major alts breaking supports; all eyes on bounce zones an...
7 min read
Oct 17, 2025
BTC, ETH and More: Key Supports Reclaimed, Next Targets in Play
PRO
Market Direction
BTC, ETH and More: Key Supports Rec...Markets are showing signs of recovery after last week’s turbulence. Bitcoin and Ethereum are stabili...
4 min read
Oct 15, 2025