ETH's Open Interest has also remained more subdued following the flush out, indicating that traders are not rushing back to leverage Long or Short ETH here. This is a really healthy resetting in leverage, which is usually positive for prices going higher in the following weeks and months.
ETH's Open Interest:
Technical analysis
- Like Bitcoin, ETH remains in the lower range between the major horizontal support of $2,150 and the horizontal resistance of $2,875.
- Locally, ETH is range-bound between $2,400 and $2,750. These are the levels to watch for a more material breakout.
- ETH is in an ascending wedge, which tends to have a bias to break out to the downside; however, this isn't a clean wedge in terms of its formation.
- A breakdown from the wedge would likely send ETH to $2,400 to $2,500, which we would see as a buying zone for ETH.
- The RSI is at 42, so it is middle territory, but there is more upside to be had.
Cryptonary's take
We're expecting more range-bound price action in this tighter range over the coming week. Ultimately, we'd need to see ETH reclaim and clear comfortably back above $2,875 to get us excited. We're not expecting this to happen in the coming days, but as we move into September, we believe that level will be reclaimed. ETH can grind higher from there into Q4, where we expect ETH to test its all-time highs and likely break above them by year-end.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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