Ethereum (ETH) price prediction today: Will ETH consolidate below $2,557?

• ETH's Open Interest has been in a relatively steep uptrend, with Funding Rates positive over the last few days, indicating that the leverage that has gone on is long.
• This is a potential setup for a small flush to the downside, again wiping out late Longs, although the price could likely rebound following a small flush out.

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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Note: ETH's OI is gradually increasing.

Technical analysis

• For ETH, our focus has been on the 3D timeframe/chart, so for now, that's where we'll stay.
• ETH has found support on the horizontal support of $2,150 and has been able to bounce from there.
• Price is now retesting the underside of the local horizontal resistance of $2,557. We think this can be a short-term stopping zone for ETH.
• It's possible that a short-term retest of $2,450 is on the cards first before ETH can break out above $2,557 and potentially then head up to $2,800.
• The RSI on the 3D chart is really clean, showing a breakout of the downtrend that has been the trend since March.

Cryptonary's take

ETH has lacked momentum and it may therefore take more days to consolidate under $2,557 before it breaks above it. But, that's our expectation for ETH to break back above $2,557 and possibly push up to $2,800 in the upcoming weeks. In the immediate term (next 2-4 days), it's possible ETH will remain between $2,400 and $2,550 - consolidate below the local horizontal resistance of $2,557.

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.