ETH stability tested at $2,420 floor

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.

---

• ETH's Open Interest still remains incredibly high, and it's increased as price has remained range-bound.
• ETH's Funding Rate has pulled back from 0.01%, but it's still positive, which suggests that there is a relatively even balance between Longs and Shorts.

ETH's Open Interest (by USD value):

Technical analysis

• Price has broken into the upper bound of the range at the $2,720 horizontal resistance.
• Price has been range-bound over the last few weeks between the horizontal support at $2,420 and the horizontal resistance at $2,720.
• Price is now at the horizontal support (of $2,420) with the RSI having meaningfully reset back to neutral territory, which is healthy to see.
• If $2,720 can be broken to the upside, then $3,050 is the next major horizontal resistance.
• If $2,420 (the horizontal support) is lost, then $2,160 is the next level on the cards.

• Next Support: $2,420
• Next Resistance: $2,720
• Direction: Neutral
• Upside Target: $2,720
• Downside Target: $2,160

Cryptonary's take

We've had a monster rally across the board on all assets, so it wouldn't be bad to see a slight pullback or a period of consolidation, which is what we expect to see over the coming 1-2 weeks.

BTC and SOL have both broken below their main uptrend lines, and they're balancing on key supports. ETH, on the other hand, is holding a key range, and granted it is at its main support of $2,420, but from a charting perspective, it does look better than the other Majors - if you're going to bet on upside. But as we said, we are expecting 1-2 weeks of pullback or chop, and therefore it might be hard for ETH to rally strongly in that environment. For now, we're watching the key level of $2,420 for ETH. We may consider longer-term Spot positions for ETH should it revisit $2,160.