ETH reclaims $3,500 resistance level

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 is also down approximately 10% from its highs, although it has started moving higher again in the past few days. Perhaps traders are looking to get exposure to ETH going into the New Year.
• The Funding Rate for ETH is at 0.01%, indicating a healthy dynamic between Longs and Shorts. Funding isn't skewed in either direction for now.

ETH's open interest:

Technical analysis

• Overall, it is a really interesting chart with prices respecting key levels.
• The price was rejected on the underside of the uptrend line, and the horizontal resistance was at $3,967.
• Price has since pulled back to the low $ 3,00,0, and it has been mostly range-bound between the horizontal support of $3,280 and the horizontal resistance of $3,480.
• A break out of $3,500 likely sends the price swiftly back to $3,700.
• The RSI is in the middle territory at 47, but it is breaking above its moving average. This could see price follow through a push up to $3,700 in the immediate term.

• Next Support: $3,280
• Next Resistance: $3,480
• Direction: Neutral (Bullish)
• Upside Target: $3,700
• Downside Target: $3,280

Cryptonary's take

ETH looks good here for a short-term stab higher, potentially testing into $3,700. For this, we're looking for a breakout of $3,480 to $3,500, which we think we'll get/see in the coming days.