- ETH's Open Interest remains much more subdued, meaning severe leverage flush-outs are much less likely to occur.
- ETH's Funding Rate is flat at 0.00%, once again showing that traders are undecided about whether to be Long or Short.
Technical analysis
- ETH broke down from its ascending wedge, which we perfectly predicted and called for in the last Market Direction.
- However, price did drop slightly further than we initially expected, testing $2,400.
- We have inserted another box of support between $2,330 and $2,470, and we expect the price to continue finding support in that range.
- Price is currently facing local resistance at $2,555. To reclaim this level and build support above it, price needs to see a retest of $2,800.
- The RSI is relatively low at 42, so there is plenty of room for price to move higher.
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.
Cryptonary's take
Generally speaking, we expect ETH to grind higher from here, even if it's sideways in the coming days. We would bid the grey box (between $2,330 and $2,470) with a view to holding this longer term. I am personally (Tom), in an ETH Long with an entry in the $2,500's. ETH may grind higher in September to test the $2,875 horizontal resistance and that main downtrend line. A breakout of these converging resistances would be bullish for ETH's price.100% Success Money Back Guarantee
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