ETH stuck between $2,420–$2,720

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 remains very elevated despite seeing a small flush out over the weekend on escalating tensions in the Middle East.
• ETH's Funding Rate remains positive and stable at 0.01%, indicating there is a healthy bias to be Long amongst traders.

ETH's Open Interest (by USD value):

Technical analysis

• War escalations in the Middle East resulted in ETH falling below its key horizontal level of $2,720, and the price returned to its old range of $2,420 to $2,720.
• Price has found support at $2,420, and it's now bounced back to the middle of the range.
• $2,420 is the main horizontal support, with $2,160 the major level below that. To the upside, the key horizontal level is $2,720.
• The RSI has meaningfully reset, and it has retested its downtrend line breakout as new support. However, it is below its moving average for now.

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

Cryptonary's take

ETH is essentially back into its range between $2,420 and $2,720, and to be honest, it's neither too bullish nor bearish here. A move higher (and a breakout) is likely now going to be led by other Majors (BTC or SOL), rather than being ETH-led like it was last week. For now, our expectation is that ETH will remain range-bound over the coming days/week, but the price may push into the resistance at $2,720. From there, we'll have to watch to see if price action is strong enough to break out.