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Market Direction

ETH open interest peaks, Price stalls

Published: Nov 4, 2024
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Ethereum is testing key levels, with $2,420 support and $2,550 resistance in play. The election could steer ETH’s next big move. Let’s explore what this means for ETH and other major cryptos.

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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.


  • ETH's Open Interest remains at highs (measured in the number of coins rather than USD) suggesting there are a lot of leverage bets on ETH currently.
  • The funding rate is at 0.01%, so it is still at a relatively healthy level.
  • If there is a Harris win, it's possible we see price trade lower and OI be flushed down.
ETH's open interest: 3. Ethereum price and open interest trends over a year, highlighting price movements and leverage interest among traders from October to October.

Technical analysis

  • ETH is now entering its fourth month in the lower price range of $2,150 to $2,800.
  • ETH was rejected in the $ 2,700s and underside of the local uptrend line. Price has now fallen back into the main downtrend and beneath the key horizontal level of $2,557 - not great!
  • Price is now approaching its local support level at $2,420, which will need to hold or $2,300 is likely and the door to the major support at $2,150 will be open.
  • On the upside, honestly, our focus is just on reclaiming $2,557 at this rate. This will likely only happen if we see a Trump win.
  • ETH's RSI is at 41, so somewhat still in middle territory, although the smaller timeframes are putting in bullish divergences.
4.Ethereum daily chart on TradingView, displaying recent price action, key support and resistance levels, and RSI indicator for trend strength
  • Next Support: $2,420
  • Next Resistance: $2,550
  • Direction: Neutral
  • Upside Target: $2,550
  • Downside Target: $2,150

Cryptonary's take

It's becoming harder and harder here to stay positive on ETH. ETH has attempted a breakout of the main downtrend line a number of times and it has failed at each opportunity. We would likely only see a more substantial upside for ETH upon a Trump victory, however, we still favour other assets under that scenario, SOL for example. If Harris wins, it's possible we will see ETH re-visit $2,150.

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