ETH bulls take charge: Next stop $2300?

TLDR

• Ethereum outperforms, breaking the $1,853 resistance and aiming for higher targets at $1,933, $2,120, and possibly $2,340.
• Technical analysis shows potential for near-term upside, with ETH not fully overbought on the 3D chart despite bearish signals on the daily.
• Positive but not excessive funding rates and high open interest indicate a balanced yet bullish market sentiment.
• We remain optimistic about Ethereum's mid-term trajectory, predicting that $2,100 to $2,300 could become the new trading range.

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.

Technical analysis

Again, focusing on the 3D chart, we can see that ETH has cleared the $1,853 horizontal resistance for the first time. The next resistance is at $1,933. A convincing break above this level and ETH will be primed to move up to $2,120 and then $2,340. We expect further upside for ETH in the near term. 

ETH 3D

Mechanics

ETH is about overbought on the daily timeframe but not yet on the 3D timeframe. There is a bearish divergence on the daily timeframe that we should be aware of, but we expect that ETH has some more upside in the near term. 

Funding rates are positive but not so positive that the market is too heavily weighted towards longs. The open interest is the highest it’s been in the last few months, but it still isn’t that high compared to previous, more bullish periods.  

Cryptonary’s take

We like ETH for further upside, and we expect a move higher to test the $2,130 level. 

We remain bullish on ETH in the mid-term, and we feel ETH can establish a new range if it moves higher and pushes into the $2,100 to $2,300 - and this may become the new range.