ETH consolidates below $4,000 range

Disclaimer: This is not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results.

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• ETH's Open Interest still remains high and hasn't seen as much of a flush out.
• ETH's Funding Rate has pulled back substantially from 0.03% to just 0.01% in the last 48 hours. So we've seen some flush out of excess Longs.

ETH's funding rate:

Technical analysis

• Really clean price action.
• Price was in a really clean uptrend and rejected at the main horizontal resistance at $4,000.
• The price then broke below the main uptrend line and swiftly revisited the main horizontal support at $3,480, where the price bounced perfectly.
• Price is now out of the main uptrend, so therefore, the underside of the uptrend line and the horizontal resistance of $4,000 will act as strong resistance.
• The RSI has also pulled back to 58, which is close to middle territory and nowhere near being overbought.

• Next Support: $3,480
• Next Resistance: $4,000 
• Direction: Neutral/Bullish
• Upside Target: $4,000 (then $4,500)
• Downside Target: $3,480

Cryptonary's take

ETH is now out of its main uptrend, so it's possible we will see a further period of consolidation below $4,000. The bullish reversal will come upon a breakout of $4,000, so that's what we'd be waiting for. We expect this might take another week or so, and ETH might require patience here. For now, we continue to hold ETH, and we're not looking to make any changes.