Ethereum (ETH) price prediction today: Will it hold $2,420 support?

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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• ETH is becoming increasingly interesting from a mechanics point of view.
• ETH's Open Interest continues to grind to new highs (measured in the number of coins).
• Meanwhile, the funding rate remains low but positive. This is still a good setup overall.

ETH open interest:

Technical analysis

• ETH broke out of the main downtrend line, but it couldn't sustain a breakout.
• After the failed break out, price broke beneath the horizontal support of $2,550, the local uptrend line, and it also fell back in to the downtrend line. Not good.
• The RSI has more meaningfully reset, and the price has found some support at the local level of $2,420, which perhaps are the only positive aspects here.
• To the downside, $2,420 needs to hold as local support really, or a break down to $2,150 could be possible.
• To the upside, the local level to reclaim is $2,550; beyond that, it's $2,750.

• Next Support: $2,420
• Next Resistance: $2,550
• Direction: Neutral
• Upside Target: $2,750
• Downside Target: $2,150

Cryptonary's take

ETH continues to underperform here and highlights this as BTC and SOL (the Majors) break out. ETH can't just hold the $2,550 level, but it actually breaks below that support. It's becoming more difficult to advocate for ETH with this kind of performance despite the chart suggesting that the lows are potentially in.

However, just because the lows might be in doesn't necessarily mean that ETH will now perform well/outperform BTC and SOL. Overall, we're not too confident about ETH here as it just can't maintain any meaningful price level for a sustained period of time. If BTC breaks out, then ETH could reclaim $2,550 and potentially push on to $2,750, but we still see it as underperforming.