Ethereum (ETH) price prediction today: Will Ethereum test $2,875 resistance soon?

• 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.

ETH's Open Interest:

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.

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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.