Ethereum (ETH) price prediction today: $2,400 bounce or pullback?
The bounce play for ETH that we put out on Monday has played out well. However, it's now likely that price might pull back and retest $2,400 in the coming 2-4 days.
- ETH's Funding Rate is flat here, indicating there is a more even balance between Longs and Shorts.
- ETH's Open Interest significantly reset from $17.1b in late May to $9.7b yesterday. This is really healthy and needed resetting.
Technical analysis
- Having bounced off the horizontal support of $2,150, ETH isn't clearly forming a price formation yet.
- Price has bounced, having been majorly oversold, at 20 on the RSI, and we were right to call for a more significant bounce for ETH in our last Market Direction update because of this.
- Price has now hit the RSI-based moving average and has been seemingly rejected for now.
- Price also lies well below what's likely to be it's next major horizontal resistance of $2,875.
- If price were to pull back from here, and we think it can, then $2,400 is the area we'd eye to bid again.
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.
Cryptonary's take
So far, the recovery has been good in percent terms, but price still lies well below the levels it was trading at just weeks ago.Anything under $2,400 is likely to be an area to bid on with the view of buying for a longer-term hold. We expect that over the next week or so, price will remain range-bound between $2,300 and $2,700.
We'd be surprised if price can claim back above $2,875 before Powell speaks at Jackson Hole towards the end of the month.
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):
- Select a CEX like Binance, Coinbase, or Kraken.
- Sign up and complete any verification processes.
- Deposit funds into your account.
- Go to the ETH trading section and purchase ETH.
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