Market Direction

Ethereum (ETH) price prediction today: Can ETH reach above $2,875 soon?

Updated: Aug 27, 2024

Published: Aug 26, 2024

ETH's Open Interest has increased over the last few weeks but remains well below its highs in late May.

The Funding Rate is also relatively flat, suggesting that traders lack the conviction to take a meaningful position in betting on ETH.

This is a positive leverage setup, as excesses have been flushed out, and new leverage has yet to pile back on.

ETH Open Interest:

Graph showing Ethereum (ETH) futures open interest and ETH price trends over time in USD on a green chart

Technical analysis

ETH is currently in an ascending triangle. These patterns tend to have a bias to break to the downside.
If the ascending wedge breaks down, ETH has support between $2,540 and $2,640. We would expect this zone to act as support if the price retests lower.
To the upside, there is a major horizontal resistance at $2,875. If ETH can reclaim above this level, we'd consider that very positive.
The RSI is at 48, so ETH is not currently anywhere near being overbought.
If ETH were to clear above $2,875, the next main resistance would be the main downtrend line (red line).

Cryptonary's take

If ETH were to dip back into the $2,400 to $2,600 range, I (Tom) personally would see that as an attractive area to add to Spot bags. We've seen that ETH can still run in this market; look back to February, when it ran from $2,300 to $4,000 in five weeks.

In the immediate term, we think ETH can pull back very slightly and maybe retest between $2,500 and $2,600. A clean break above $2,875 would be a bullish signal for us.

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.

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.