Market Direction

Ethereum (ETH) price prediction today: Is a bullish reversal coming?

Published: Sep 4, 2024

We still like ETH for a bounce play here, potentially to as high as $2,875, although we don’t expect it immediately, and it might take a few weeks. But, overall, the setup is nice here, and ETH from a technical structure is attractive.

ETH’s Funding Rate is positive and meaningfully positive, so there isn’t the short interest built up in ETH like in BTC.
ETH’s Open Interest has increased over the last few days, and with ETH’s Funding Rate going from negative to meaningfully positive, that suggests that longs have gone on here and in a relatively healthy manner.

ETH Open Interest:

Ethereum futures open interest chart showing ETH price fluctuations and trading volume from February to August 2024.

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.

Technical analysis

ETH has found strong support in the support box we outlined so far; however, for price to see a bullish reversal, it will need to reclaim above $2,557.
Beyond $2,557, the next major horizontal resistance is at $2,875, although we don’t see ETH reclaiming this in the immediate term.
To the downside, we’d expect the grey box to continue holding as local support. However, the major horizontal support is at $2,150.
The RSI is not in oversold territory, but it’s at 39, which is low, so there is room to bounce here.

Cryptonary’s take

In terms of the majors, ETH looks the most attractive for a higher trade. It has broken down from its higher range and then found support at an old range (between $2,150 and $2,400).

Alongside this, ETH has seen a flushing out in its leverage market, also making it an attractive trade from that perspective.

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.