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Open interest is still not at scarily elevated levels. However, Funding is massively positive.
Again, this is okay for now while there is a supporting Spot bid.
However, if that Spot bid goes (again, potentially post BTC ETF decision), there can be a flush out of over-levered Longs.
Technical analysis
- ETH has overcome the $2,340 prior horizontal resistance. Price will need to flip this level into new support. If it can, this is mid-term bullish for ETH, and we can see more sustained upside.
- $2,320 to $2,340 is a major area of support.
- $2,640 is the next horizontal resistance.
- The RSI is clean, with no major timeframes in overbought territory, although the 3D and Weekly are close.
Cryptonary's take
ETH looks really clean here; it is perhaps one of the more favoured setups.If we were desperate to Long, we'd choose ETH over BTC, even though the Funding is ridiculously high.
However, the lack of performance so far would concern us if it was another coin, but since it’s ETH, we are not really concerned. It only likely means the performance will come later.
Now that ETH has seemingly cleared above $2,340, this opens the door for a move to $2,640 in the short term.
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