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When looking at the mechanics, Open Interest has moved up drastically, however Funding has remained relatively low, suggesting there isn't an over crowding in one direction or another.
Technical analysis
- Finally, ETH has a break above the horizontal resistance of $2,340, and the price moved straight up to the next resistance at $2,640.
- It's now important for price to establish itself in this higher range between $2,340 and $2,640.
- The local resistance to the upside is $2,740. Ideally, we'd like to see price hold these highs.
- The RSI has moved into overbought territory on all major timeframes but only on the 3D and Weekly, so this shouldn't concern us for now.
Cryptonary's take
With an ETF for ETH likely to be pushed in the summer, it's possible that yesterday was the first day we've seen a rotation from BTC into ETH as the narrative swaps over.Even though our short-term expectation is for a pullback in the broad crypto market, we feel ETH may outperform during that pullback.
We were strongly convinced that the low $2,100s was a good long-term buying zone for ETH, with many opportunities presented to buy at this price over the past few months.
Price is now up 20% from there. For now, we continue to hold Spot ETH happily. If ETH dips to the low $2,400s, we'd consider adding further buys there.
For now, though, we are sitting patiently and holding because we think ETH can be a good performer over the coming months, even if the wider market underperforms.
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