ETH is still struggling to build up bullish momentum

From a mechanics perspective, ETH is similar to BTC, but it has lagged slightly price-wise. 

ETH's Open Interest has moved up slightly but remains relatively low compared to historical levels. 

However, the Funding Rate has ramped up through Wednesday morning to now being north of 0.016% - increasing bias among traders to be Long. 

Disclaimer: Not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results.

Technical analysis

• Once ETH breaks below its uptrend line, it will likely lack bullish momentum.
• Price has bounced from the horizontal support of $2,130, previously a major horizontal resistance. However, price is now finding resistance at the underside of the uptrend line.
• If price cannot reclaim the uptrend line, we will likely see further downside and $2,130 will be retested again.
• If price can reclaim the uptrend, the main horizontal resistance is at $2,340.
• The RSI has reset on all major timeframes. The RSI isn't a concern on ETH at all.

Cryptonary's take

Going forward, ETH needs to reclaim the uptrend line, if it can't $2,130 is likely the next destination. Either way, ETH has looked relatively heavy and can't seem to get the momentum up to the upside. 

However, we remain positive and constructive on ETH, and we would look to continue DCA'ing into ETH sub $2,130 if given this price.