ETH price struggles at $1,745 resistance

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 (by number of coins) remains at extremely elevated levels as traders continue to take advantage of the 'cash-and-carry' trade.
• Like the other Majors, ETH's Funding Rate has mostly been range-bound between slightly positive and slightly negative, indicating that there is no clear directional bias amongst traders.

ETH's open interest (by number of coins):

Technical analysis

1. ETH's price action remains range-bound between the support of $1,530 and the horizontal resistance of $1,680.
2. Beyond $1,680, the major horizontal resistance lies at $1,745. If ETH can reclaim/flip this level, we'd take that as the signal for the bullish reversal.
3. On the RSI, ETH has broken out of its main downtrend line, and it's above its moving average in middle territory. This could see an extension of the move higher, however, we do expect $1,745 to remain a strong resistance.
4. We still expect a retest of the Green Buy Box between $1,230 and $1,530 over the medium term.

• Next Support: $1,530
• Next Resistance: $1,745
• Direction: Bearish
• Upside Target: $1,745
• Downside Target: $1,230

Cryptonary's take

ETH remains in a long-term downtrend, and we fully expect a retest of the lows, which would put price comfortably in the Green Buy Box between $1,230 and $1,530. We would look to accumulate ETH in this area with a long-term view to hold - it would likely be at least a 12-month hold.

Whilst it's possible in the immediate term, ETH could see more upside (up to say $1,745 at best), we are, however, expecting more downside over the medium term; therefore, again, we remain patient. But with ETH, we're not looking for Shorts, as it's not at an attractive price point for Shorts despite the fact that we believe we'll see further downside in the medium term.