ETH targets $3,700 upside soon

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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• The Open Interest in ETH didn't even pull back. There's a huge amount of OI on ETH currently. This may be due to new market mechanisms/protocols such as Ethena.
• The Funding Rate is also back to 0.01%, indicating a balance between bulls and bears (Longs and Shorts).

ETH open interest (by number of coins):

Technical analysis

• ETH wicked into the $2,900's and was close to filling the Yellow box. However, it got a strong bounce, and the price rebounded swiftly into the main horizontal resistance at $3,480.
• Price is now range-bound between the horizontal support of $3,280 and the horizontal resistance of $3,480.
• ETH remains in a downtrend, and for this to bull reverse, it'll need a breakout of the $3,480 and the main downtrend line.
• The RSI is looking better/good here, and it's now resting on top of its moving average. Being in the middle territory, this has room to go higher here.
• A break below $3,200 - $3,280, and ETH likely pulls back to $3,050.

• Next Support: $3,280
• Next Resistance: $3,480
• Direction: Bullish
• Upside Target: $3,700
• Downside Target: $3,050

Cryptonary's take

Unlike BTC, ETH hasn't broken out of its downtrend currently. For the full bull reversal, we'll need to see ETH break out of the downtrend and reclaim comfortably back above $3,480. However, similar to BTC, a lot of the short-term forecasts rely on Trump next week.

If it's better than what the market expects, then the price can break out; if not, then a sell-down. It's hard here; it depends on what Trump does next week. If Trump delivers, then I'd expect to see ETH break out. If the opposite is true, then the $3,200's can be tested.