Market Direction

Ethereum price prediction today: Is ETH heading for $2,550 or testing $2,150?

Published: Sep 9, 2024

Technical analysis:

ETH's Open Interest has remained relatively flat, suggesting that traders aren't looking to aggressively trade ETH here.
ETH's Funding Rate flip-flops between slightly positive and slightly negative, indicating indecision amongst traders.
Overall, this is a healthier setup. ETH's Funding Rate is less negative than BTC's whilst Open Interest hasn't ramped up. From a mechanics perspective, ETH is arguably an attractive Long at these prices whilst the leverage market has seen a major flushing out.

ETH's funding rate:

ETH OI-weighted funding rate and price fluctuations between September 8 and 9, 2024, indicating market trends.

ETH has also fallen below it's grey support box (between $2,330 and $2,470).
ETH did find support at our major horizontal support line of $2,150 though.
ETH has also put in a bullish divergence (lower low in price and higher low on the oscillator), with the higher low being put in just above oversold territory.
If ETH can break out from it's local downtrend line, it's possible ETH could retest the $2,550 local horizontal resistance.
Beyond $2,550, the major horizontal resistance is at $2,875.

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

Despite the fact we're still relatively wary of the market over the coming weeks, ETH looks as if it's either at or close to a bottom here. ETH has been down just shy of 50% from it's highs this cycle, whilst we've also seen a major resetting in the leverage market. Price is currently sitting on top of a major support zone between $1,900 and $2,150. If ETH does revisit this area, this is likely a good price to bid with a 12 month view.

What is Ethereum: Ethereum (ETH) is a groundbreaking decentralized platform that facilitates the creation and execution of smart contracts and decentralized applications (dApps) without the need for intermediaries. Launched by Vitalik Buterin in 2015, Ethereum's innovative blockchain technology enables a wide range of applications and has become a cornerstone of the decentralized finance (DeFi) space. Ethereum's ATH is $4,868.

How to buy ETH:

Via Centralized Exchange (CEX):
1. Select a CEX like Binance, Coinbase, or Kraken.
2. Sign up and complete any verification processes.
3. Deposit funds into your account.
4. Go to the ETH trading section and purchase ETH.