ETH price prediction today: Can it surge past $2,875 resistance?

ETH's Open Interest has also kicked up in the last 24 hours, however, it remains well below its highs. The excess leverage that was here has been flushed out and is reluctant to go back on - this is a positive sign.

ETH Open Interest:

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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Technical analysis

• ETH rejected at the local level of $2,700 but buyers stepped in at $2,500 and price is now squeezing back against $2,700.
• If ETH can break above $2,700, the short-term target is for price to retest the underside of the major horizontal resistance of $2,875. This resistance may prove too strong in the very short term.
• The RSI is at 40, meaning it's still quite low, so there is room for further upside in price.
• If ETH were to dip back to $2,400 we would expect that area to hold as support, and that price is likely to be a good entry for longer-term buys.

Cryptonary's take

The key for ETH here is to show some strength, push on, and retest $2,875, which we believe price can do in the coming days. The real signal will then be if ETH can break above $2,875. In the short term, we don't expect it to.

Out of all the majors, ETH has sold off the most. With the introduction of the ETF and the potential for new buyers, ETH is quite attractively priced. Therefore, we would expect ETH to move higher here and retest $2,875 in the coming days.