Log in

Market Direction

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

Published: Oct 2, 2024
0
Share:

ETH's open interest rose as the price holds $2,420 support and $2,557 resistance.

Post Feature Image

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.


  • Interestingly, ETH's Open Interest increased over the past few days as prices declined, and the Funding Rate remained positive.
  • This suggests that the selling came from Spot rather than Perps, and more leverage went on as the price declined, likely new Longs.
ETH's open interest:

3. Ethereum Open Interest in green with price in yellow, showing fluctuations from January to September.

Technical analysis

  • ETH was rejected from the $2,700 and was not able to hold above the local horizontal support of $2,557.
  • Price has since fallen in to the $2,400's although it is still holding above it's local uptrend line.
  • The $2,420 line could be considered local support.
  • On this price pullback, the RSI has meaningfully reset, which is positive.
  • Price is slowly moving closer to the main downtrend line, although it does now have the horizontal level of $2,557 above the current price which may act as a resistance in the short-term.
4. Ethereum price chart showing rejection at 2,557 with support at 2,420 and RSI resetting near the mid-level.

Cryptonary's take

It's possible that ETH remains subdued and just range-bound at this lower range between $2,400 and $2,557, although we wouldn't rule out a deviation in to the $2,300's before potentially a quick recovery back to the upside. We still believe that the ETH lows were most likely in the back when we saw the $2,105 print in early August.

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.

100% Success Money Back Guarantee

If our approach doesn’t outperform the overall crypto market during your subscription, we’ll give you a full refund of your membership. No questions asked. For quarterly and monthly subscribers this is applicable once your subscription runs for 6 consecutive months.

Terms & Conditions apply

Star

Trusted by 300,000+ traders

Take your next step towards crypto success

Save 50%

$799/year

Get everything you need to actively manage your portfolio and stay ahead. Ideal for investors seeking regular guidance and access to tools that help make informed decisions.

VisaCardImageMsCardImageCoinbaseCardImageSolanaCardImage

For your security, all orders are processed on a secured server.

What’s included in Pro:

  • Success Guarantee, if we don’t outperform the market, you get 100% back, no questions asked

  • 24/7 access to experts with 50+ years’ experience

  • All of our top token picks for 2025

  • Our latest memecoins pick with 50X potential

  • On hand technical analysis on any token of your choice

  • Weekly livestreams & ask us anything with the team

  • Daily insights on Macro, Mechanics, and On-chain

  • Curated list of top upcoming airdrops (free money)

Our track record speaks for itself

With over 2.4M tokens and widespread misinformation in crypto, we cut
through the noise and consistently find winning assets.

/images/advertorial/corpcomm3.webp
/images/advertorial/corpcomm4.webp
/images/advertorial/corpcomm5.webp

Frequently Asked Questions

Yes. We've consistently identified winners across multiple cycles. Bitcoin under $1,000, Ethereum under $70, Solana under $10, WIF from $0.003 to $5, PopCat from $0.004 to $2, SPX blasting past $1.70, and our latest pick has already 200X'd since June 2025. Everything is timestamped and public record.

No. When we founded Cryptonary in 2017 the market was new to everyone. We intentionally created content that was easy to understand and actionable. That foundational principle is the crux of Cryptonary. Taking complex ideas and opportunities and presenting them in a way a 10 year old could understand.

Signal vs noise. We filter out 99.9% of garbage projects, provide data backed analysis, and have a proven track record of finding winners. Not to mention since Cryptonary's inception in 2017 we have never taken investment, sponsorship or partnership. Compare this to pretty much everyone else, no track record, and a long list of partnerships that cloud judgements.

We share highly sensitive, time-critical research. Once it's out, it can't be "returned." That's why membership is annual only. Crypto success takes time and commitment. If someone is not willing to invest 12 months into their future, there is no place for them at Cryptonary.

Yes. You will have 24/7 to the team that bought you BTC at $1,000, ETH at $70, and SOL at $10. Through our community chats, live Q&As, and member only channels, you can ask questions and interact directly with the team. Our team has over 50 years of combined experience which you can tap into every single day.

Daily. We provide real-time updates, weekly reports, emergency alerts, and live Q&As when the markets move fast. In crypto, the market moves fast, in Cryptonary, we move faster.

If our approach to the market doesn’t beat the overall crypto market during your subscription, we’ll give you a full refund of your membership fee. No questions asked. For quarterly and monthly subscribers this is applicable once your subscription runs for 6 consecutive months.

Recommended from Cryptonary
BTC, ETH, and More: Double Bottoms and a Critical Bounce
PRO
Market Direction
BTC, ETH, and More: Double Bottoms ...Markets rebound off key lows, BTC and major alts flash double bottom signals. Will support hold for ...
6 min read
Oct 20, 2025
BTC, ETH, and More: Bearish Pressure as Key Support Levels Break
PRO
Market Direction
BTC, ETH, and More: Bearish Pressur...Markets face critical retests with BTC and major alts breaking supports; all eyes on bounce zones an...
7 min read
Oct 17, 2025
BTC, ETH and More: Key Supports Reclaimed, Next Targets in Play
PRO
Market Direction
BTC, ETH and More: Key Supports Rec...Markets are showing signs of recovery after last week’s turbulence. Bitcoin and Ethereum are stabili...
4 min read
Oct 15, 2025