ETH’s next support stands at $1,745

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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• ETH's Open Interest remains mostly unchanged as traders continue to take advantage of the basis trade. This doesn't give us much signal from a trading perspective.
• ETH's Funding Rate has fluctuated between 0.01% and -0.01% as traders have flip-flopped in their positioning. Although Funding is contained, so by, there is little appetite amongst traders to make big leveraged bets.

ETH's open interest:

Technical analysis

• From a technical perspective, ETH doesn't look good here.
• ETH has just lost the vital horizontal support at $2,160, with the next major support at $1,750.
• Yesterday, the price broke below the $2,160 support. The price has since moved up to $2,160 and was rejected from that level. Old support now may have been turned into new resistance.
• The RSI has broken out of its downtrend line, and it remains close to overbought territory. This could have helped towards ETH bouncing, but whilst the rice remains beneath $2,160, it's not a good setup for Longs.
• If $2,160 can be reclaimed, then $2,420 is the next horizontal resistance level.

• Next Support: $1,745
• Next Resistance: $2,160
• Direction: Neutral/Bearish
• Upside Target: $2,420
• Downside Target: $1,745

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Cryptonary's take

ETH has just been such an underperformer for a long time now. With ETH now seemingly having lost this $2,160 horizontal support level, it's hard to get bullish on ETH anytime soon. We're expecting a slow move down to $1,745 in the coming weeks. In the immediate term, ETH might just keep butting up to $2,160 and rejecting into that level.