Ethereum price prediction today: Can ETH reclaim $2,875 and surge 25%?

Please note: The video above is set to start at the 07:03 timestamp, featuring an in-depth technical analysis of Ethereum (ETH) assets.

• Let’s start with ETH’s funding Rate. It’s currently negative, indicating that traders are paying a premium to be Short.
• Considering the RSI is the most oversold it’s been since August 2023; this looks ripe for a Short squeeze straightaway.
• The Open Interest has also substantially reset; again, this is another healthy sign.
• From the mechanics perspective, we’d steer clear of Shorting ETH. If anything, on any retests of the lows, we’d be strong buyers.

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.

ETH Open Interest:

Technical analysis

• ETH smashed below the key $2,875 horizontal support, potentially aided by Jump Trading dumping their ETH.
• Price did find support at the old horizontal level of $2,150.
• We do note that price is very oversold here, having printed at 21 on the RSI.
• Between $2,150 and $2,380 is likely to act as a strong support zone for ETH going forward.
• The major horizontal resistance and the key level ETH will need to reclaim is $2,875.
• Like BTC, we’ll need to see what kind of formation price forms. We will get more info on this as more days go by.

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Cryptonary’s take

ETH, like BTC, will potentially be in a wider range between $2,150 and $2,875.

ETH is very oversold here, and we’ve seen a significant leverage flush out that has now seen Shorts pile in and look quite offside. The potential outcome of this is a Short Squeeze in the near term. We do, however, expect the price to be range-bound (between $2,150 and $2,875) for some weeks, even if we get a Short Squeeze.

We would be aggressive buyers of ETH if it managed to retest the zone of support between $2,150 and $2,380. We’d even consider a low-leverage Long trade from that area. Ultimately, if price were to pull back further (possibly to $2,150 to $2,380), we would see this as a big opportunity to buy ETH/add to ETH bags.