Log in

Market Direction

Ethereum aims for $3,280 resistance

Published: Nov 7, 2024
0
Share:

As $ETH gains momentum and open interest peaks, the market braces for a potential breakout. Let’s look into key levels for ETH.

Post Feature Image

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.


  • The ETH Open Interest is in an aggressive uptrend and hit new all-time highs yesterday. This indicates a lot of leverage has gone in to ETH.
  • The Funding Rate is similar to BTC. Positive but contained on larger exchanges, but the
  • Funding Rate is rising on the smaller, less liquid exchanges, indicating traders are paying a higher and higher premium to be Long here.
ETH open interest:

3. Graph illustrating Ethereum (ETH) price movement alongside rising open interest, suggesting increased leveraged trading in the past year.

Technical analysis

  • So far, a really lovely move, and maybe the first time we're seeing some life from ETH following a Trump victory that potentially improves the regulatory environment, benefitting ETH.
  • ETH broke back above the main downtrend line and shot straight up to the main horizontal resistance of $2,875 that we've had in place for a number of months now.
  • Price has so far been rejected from $2,875; although the price now being in this higher range, it's likely we will see a breakout of $2,875 in the coming weeks.
  • Local support for ETH should be around the $2,700 mark. Really, in this market, ETH should be able to hold the $2,700 local support.
  • Beyond $2,875, ETH's next major horizontal resistance is $3,280.
  • ETH's RSI is approaching overbought territory, but isn't yet close. If price consolidates for a few days, this'll reset the RSI more and likely give more room for ETH to then break above $2,875 more convincingly. Likely more upside to go here.
4. Ethereum (ETH) candlestick chart indicating price trends, key support-resistance levels, and RSI, reflecting possible overbought conditions.
  • Next Support: $2,700
  • Next Resistance: $2,875
  • Direction: Neutral/Bullish
  • Upside Target: $2,875 (to $3,280 upon breakout)
  • Downside Target: $2,700

Cryptonary's take

A much more positive looking chart which is to be expected considering ETH and just the blockchain space is now likely to be moving in to a new regulatory regime.

We're expecting the price to be range-bound between $2,700 to $2,875 for a few more days and then to breakout above $2,875 potentially by the end of the weekend.

100% Success Money Back Guarantee

If our approach doesn’t outperform the overall crypto market during your subscription, we’ll give you a full refund of your membership. No questions asked. For quarterly and monthly subscribers this is applicable once your subscription runs for 6 consecutive months.

Terms & Conditions apply

Star

Trusted by 300,000+ traders

Take your next step towards crypto success

Save 50%

$799/year

Get everything you need to actively manage your portfolio and stay ahead. Ideal for investors seeking regular guidance and access to tools that help make informed decisions.

VisaCardImageMsCardImageCoinbaseCardImageSolanaCardImage

For your security, all orders are processed on a secured server.

What’s included in Pro:

  • Success Guarantee, if we don’t outperform the market, you get 100% back, no questions asked

  • 24/7 access to experts with 50+ years’ experience

  • All of our top token picks for 2025

  • Our latest memecoins pick with 50X potential

  • On hand technical analysis on any token of your choice

  • Weekly livestreams & ask us anything with the team

  • Daily insights on Macro, Mechanics, and On-chain

  • Curated list of top upcoming airdrops (free money)

Our track record speaks for itself

With over 2.4M tokens and widespread misinformation in crypto, we cut
through the noise and consistently find winning assets.

/images/advertorial/corpcomm3.webp
/images/advertorial/corpcomm4.webp
/images/advertorial/corpcomm5.webp

Frequently Asked Questions

Yes. We've consistently identified winners across multiple cycles. Bitcoin under $1,000, Ethereum under $70, Solana under $10, WIF from $0.003 to $5, PopCat from $0.004 to $2, SPX blasting past $1.70, and our latest pick has already 200X'd since June 2025. Everything is timestamped and public record.

No. When we founded Cryptonary in 2017 the market was new to everyone. We intentionally created content that was easy to understand and actionable. That foundational principle is the crux of Cryptonary. Taking complex ideas and opportunities and presenting them in a way a 10 year old could understand.

Signal vs noise. We filter out 99.9% of garbage projects, provide data backed analysis, and have a proven track record of finding winners. Not to mention since Cryptonary's inception in 2017 we have never taken investment, sponsorship or partnership. Compare this to pretty much everyone else, no track record, and a long list of partnerships that cloud judgements.

We share highly sensitive, time-critical research. Once it's out, it can't be "returned." That's why membership is annual only. Crypto success takes time and commitment. If someone is not willing to invest 12 months into their future, there is no place for them at Cryptonary.

Yes. You will have 24/7 to the team that bought you BTC at $1,000, ETH at $70, and SOL at $10. Through our community chats, live Q&As, and member only channels, you can ask questions and interact directly with the team. Our team has over 50 years of combined experience which you can tap into every single day.

Daily. We provide real-time updates, weekly reports, emergency alerts, and live Q&As when the markets move fast. In crypto, the market moves fast, in Cryptonary, we move faster.

If our approach to the market doesn’t beat the overall crypto market during your subscription, we’ll give you a full refund of your membership fee. No questions asked. For quarterly and monthly subscribers this is applicable once your subscription runs for 6 consecutive months.

Recommended from Cryptonary
BTC $100k Target Hit, SFP Confirmed
PRO
Market Direction
BTC $100k Target Hit, SFP ConfirmedUpdate on our Nov 3rd/7th forecast: BTC moved exactly to our $100k-$102k target zone as predicted. W...
13 min read
Nov 10, 2025
Market Direction: At $100k - Your 7-Day Action Plan
PRO
Market Direction
Market Direction: At $100k - Your 7...Markets hit major support zones with BTC at the $100k level. Key altcoins face rejection; reversal o...
11 min read
Nov 7, 2025
Privacy Coins Lead the Way: Bullish Setups and Key Levels to Watch
PRO
Market Direction
Privacy Coins Lead the Way: Bullish...Privacy sector coins show bullish setups and key levels as they outperform during this crypto correc...
9 min read
Nov 4, 2025