Ethereum (ETH) price prediction today: Is $2,875 the key to Q4 2024 breakout?

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

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.