But, above $2,120, ETH is likely to reach $2,340.
ETH's mechanics are in a healthy spot.
We like ETH for more upside, even if there is a short-term pullback.
TLDR
- Ethereum is facing resistance at the uptrend line, with a breakout target around $2,340
- Support found around $2,120; RSI overbought but not yet concerning levels
- Open interest is still near yearly highs; funding rate indicates bias to longs but not overweight
- We see room for more ETH upside, and would DCA buy any dip back to $2,100
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.
ETH 12hr
Technical analysis
- ETH continues to find resistance into the underside of the main uptrend line.
- The upside target, which is likely to be a horizontal resistance, is $2,340.
- To the downside, we’d expect $2,120 to hold as new support, having been the prior resistance.
- The RSI is now overbought on most major timeframes but not so overbought that this couldn’t run further. We wouldn’t be concerned about the RSI here; it is just something to be wary of if it continues higher.
Market mechanics
- ETH’s Open Interest is still close to its yearly high of $8.47b, now at $8.28b.
- The OI-Weighted Funding Rate is now sitting slightly higher than usual, at 0.015%. This shows a stronger bias to be Long rather than Short. However, this isn’t overweight yet, so we shouldn’t be concerned unless Funding becomes more meaningfully positive.
Cryptonary’s take
ETH has underperformed in comparison to BTC, which means we actually like ETH a lot here as it’s likely got further room to run.ETH’s mechanics are also at healthier levels, with Open Interest not being overheated and Funding remaining in the mid 0.01%s.
If ETH retests $2,100, we would be DCA buyers of ETH and look to add to our Spot bags for the long term. ETH
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