Market Direction

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

Published: Oct 2, 2024

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

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.