ETH needs to hold $2,340 to prevent a slide lower

The Funding rate is at 0.01%, and Open Interest is down from its highs.

There is no heavy overweighting here or too much leverage, so it is all good from this point of view. 

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

• For a long time, we had identified the $2,340 horizontal level as a key level of resistance, and if broken to the upside, ETH would flip it into new support.
• Price broke above $2,340 and immediately tested the $2,640 horizontal level we had outlined for weeks as a possible major resistance.
• Price was then rejected at $2,640, as we predicted.
• ETH is now forming a descending triangle, which usually has a bias to break to the upside.
• If price does break down more meaningfully, this is where the $2,340 level will become important again. Ideally, to maintain a continued bullish structure (from a zoomed-out viewpoint), $2,340 would need to hold as new support.

Cryptonary's take

Ultimately, if there is more downside, $2,340 will need to hold as support. If not, $2,133 could come into the picture again.

If price breaks down and re-enters into the old range between $2,133 and $2,340, this would be a good zone to continue DCA'ing into for the long term – 12 to 18 months from today.