Market Direction

ETH targets $2,875 resistance soon

Published: Oct 1, 2024

ETH has reclaimed the $2,557 level with strong support and is now aiming for resistance between $2,800 and $2,875.

ETH's Funding Rate has remained positive, but it hasn't overheated at all, whilst the Open Interest has stayed relatively high.
Overall, this is a healthy setup.

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:

3. ETH Futures Open Interest chart showing rising interest alongside price increases, indicating growing market participation in ETH futures

Technical analysis

ETH has bounced from the $2,300 lows, as we predicted.
ETH has now reclaimed back above the key horizontal level of $2,557 and price has now built support on top of this level. Positive.
The RSI is high at 60 but not really anywhere close to overbought levels. Therefore, this opens the door for more upside for ETH in the short-term.
If price does move higher, it may find resistance between the $2,800 (downtrend line) and $2,875 (the horizontal resistance).

4. Ethereum price is testing resistance at $2,875 with bullish RSI, indicating a possible breakout from a downtrend.

Cryptonary's take

ETH is looking really clean here to potentially go higher, and to go higher quickly. If there isn't a major pullback from BTC, we think ETH can get a tailwind from this and drive up higher in the short-term, potentially retesting the $2,800 to $2,875 levels.