ETH is at a critical point. A pennant pattern has formed that may lead to a big move.
The mechanics are good; OI has decreased while Funding remains just above 0.010%.
Possibly, we get a move to $2,340, and then reject from there.
TLDR
- Ethereum is forming a pennant pattern, signalling a potential volatile breakout soon.
- The upside target is $2,340, but a break below $2,130 support could send price lower.
- Leverage and funding rates remain relatively healthy for now.
Disclaimer: Not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results. “One Glance” by Cryptonary sometimes uses the RR trading tool to help you quickly understand our analysis. They are not signals, and they are not financial advice.
ETH 12hr
Technical analysis
- Despite the nice move-up we've seen in the last week, ETH remains out of the main uptrend, which is usually not positive for price.
- ETH is now forming a pennant pattern that could bring a volatile move. The upside would be $2,340; the downside would be $2,130.
- $2,340 is the horizontal resistance.
- $2,130 is the horizontal support.
- The RSI remains positive on all timeframes except the 3D. However, it’s likely got further to go before it gets to concerning levels.
- We see a break up to $2,340 as possible and then a short-term rejection there.
Market mechanics
- ETH’s Open Interest is down from $8.47b to $7.82b. This isn’t overheated at all, really, and is in a relatively healthy place.
- The OI-Weighted Funding Rate has moved similarly to BTC in that it was at 0.01% and is now at 0.013%. This means there is a growing bias to be Long, but this current bias isn’t high enough that Longs are overweight here. Still relatively healthy.
Cryptonary’s take
ETH has held up at a high level of $2,250. The mechanics remain positive, while price has performed well despite some less positive TA setups.We see ETH potentially breaking up to $2,340 before finding that area of resistance and pulling back from there.
We aren’t looking at any short-term trades, but we will DCA into the $2,130 area if price pulls back to there. We will then add aggressive DCA orders sub $2,000, although we see the price getting there as unlikely.
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