Ethereum fights to reclaim $2,557 amid resistance

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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• We're seeing a large Spot bid come in (seen in increasing CVD). However, Open Interest has increased substantially, with Funding Rates quite positive, suggesting Longs have also piled in over the last 24 hours.
• Overall, this is a positive setup, particularly due to the Spot buying we've seen come in.

ETH mechanics:

Technical analysis

• Price is currently trying to reclaim back above the local uptrend line and the horizontal resistance of $2,557.
• The resistances for price will be the horizontal level of $2,557 and the main downtrend line.
• On the downside, the support will be $2,420 locally, and if there is a harder breakdown, $2,150 is the ultimate level.
• The RSI is breaking out higher, but it's still in the middle territory and nowhere near overbought territory - positive.

• Next Support: $2,557
• Next Resistance: $2,700
• Direction: Neutral
• Upside Target: $2,700
• Downside Target: $2,557

Cryptonary's take

ETH has a number of resistances that are just above the current price. However, we've seen good strength so far in today's move. We will now have to see if this has been followed through further. Over the coming days, it's possible we will see the price range bound between $2,420 and $2,600. If the price can hold above $2,557, that would be positive if the price can hold above the resistance line. This might also potentially set for a stronger move higher that could see a price breakout from the downtrend line.