Ethereum consolidates between support and resistance zones

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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• Interestingly, ETH's Open Interest has soared to a new high.
• And whilst both BTC and SOL currently have negative funding rates (Short bias amongst traders), ETH's is positive at 0.01%.
• Perhaps we're beginning to see traders position bullishly for ETH.

ETH's open interest:

Technical analysis

• ETH remains below its local uptrend line, whilst price is currently battling at the $2,420 horizontal level.
• If ETH can break out to the upside, it will need to reclaim the uptrend line, the main horizontal resistance at $2,557 and now potentially also the main downtrend line (red line).
• To the downside, we expect $2,300 to be local support, with the major support at $2,150.
• The RSI is in the middle territory but is not potentially running into resistance to its moving average.

• Next Support: $2,300
• Next Resistance: $2,557
• Direction: Neutral
• Upside Target: $2,557
• Downside Target: $2,300

Cryptonary's take

Chart wise, ETH still looks to be struggling as it's currently beneath a few key resistances. If we're right and Crypto in general can grind slightly higher over the weekend, then this may help ETH to move up to $2,557.

However, we still expect the market to be somewhat subdued, so over the coming week, we'd expect the price to be range-bound between $2,300 and $2,557. A breakout of $2,557 we'd take as the bullish signal and the potential sign of a larger timeframe bullish reversal.