ETH open interest peaks, Price stalls

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 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:

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.

• 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.