Is Ethereum's ETF narrative starting to gain ground?

From the mechanics’ perspective, Funding is flat like most other coins - around the 0.01% mark, so it is healthy with neither Longs nor Shorts getting out of hand here. 

However, the Open Interest is close to highs, indicating that more leveraged positions have opened in the past week. Perhaps traders are rotating capital from BTC into ETH to move into a new ETF narrative. 

Technical analysis

• For weeks, we have hoped that ETH could make a more meaningful breakout of $2,340 and establish itself in a new, higher range between $2,340 and $2,640. It looks like we've now gotten that move.
• However, ETH has rejected into the range between the main horizontal resistance of $2,640 and the local resistance of $2,740
• We now want to see $2,340 to $2,400 become the new range of horizontal support for ETH's price. If price were to retest this area, it could be the new area to DCA ETH.
• The RSI on the 3D and the Weekly are both beginning to push into overbought territory, although they can both still run further - this is not something to worry us for now.

Cryptonary's take

It's positive that ETH is now trading in a higher range (between $2,340 and $2,640). 

We look to continue DCA'ing into ETH sub $2,400 into $2,340, where we'd expect price to find support in this range. 

Even if there is a more general market pullback or consolidation period over the coming month or two, ETH looks like one of the frontrunners that will outperform.