Ethereum (ETH) price prediction: Is $2,875 the next stop for Ethereum?

• ETH's Open Interest continues to grind higher, whilst Funding remains relatively positive, indicating that there is a slight bias amongst traders to be Long.

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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Continues the grind higher.

Technical analysis

• We thought that price might not have enough strength to get beyond the local resistance of $2,557, but price was able to get a clean break above - positive.
• We're now looking for a price to pull back slightly and use the $2,557 horizontal level as new support. If there is a price deviation below, this is fine, assuming it's quickly recovered.
• ETH is still in a longer term downtrend beyond this local move. A breakout of the downtrend line (red line) and the horizontal resistance of $2,875 would likely bring the full bull reversal. This may take more weeks.
• On the downside, the major support remains at the $2,150 level.
• The RSI is at 56, so it is middle territory. We don't take much of a signal from this here.
• On the 3D RSI, we have had a clean breakout of the downtrend line, so this should be positive for price going in to the next few weeks.

Cryptonary's take

Like Bitcoin, ETH probably needs a 3-5 day period where price pulls back a tad and consolidates, as this might then fuel a healthy, next leg higher. We're looking for ETH to hold above $2,557, but if the price does fall below, we'd be looking for a quick recovery. If there is no quick recovery upon the price falling below, that would concern us in the short term. We're looking for ETH to consolidate here over the coming days and use the $2,557 horizontal level as a support base to move higher over the coming 1-2 weeks, with the price eventually being able to break out of the main downtrend line and retest the major horizontal resistance at $2,875.

What is Ethereum: Ethereum (ETH) is a groundbreaking decentralized platform that facilitates the creation and execution of smart contracts and decentralized applications (dApps) without the need for intermediaries. Launched by Vitalik Buterin in 2015, Ethereum's innovative blockchain technology enables a wide range of applications and has become a cornerstone of the decentralized finance (DeFi) space.

Ethereum's ATH is $4,868.

How to buy ETH:

• Via Centralized Exchange (CEX):
  1. Select a CEX like Binance, Coinbase, or Kraken.
  2. Sign up and complete any verification processes.
  3. Deposit funds into your account.
  4. Go to the ETH trading section and purchase ETH.