This area was the prior resistance; now, price needs to flip it into new support.
OI is up, but Funding is balanced.
TLDR
- Ethereum faces resistance at the uptrend line, hinting at a potential pullback to $2,130 - $2,150.
- Price must turn the prior resistance into new support for a bullish continuation.
- Open Interest hits a yearly high, suggesting potential for a market flush-out.
- We remain optimistic about $2,340 as a major upside target.
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
- ETH has now found resistance at the underside of the main uptrend line.
- The major horizontal resistance to the upside is $2,340.
- On the downside, we would expect to see the prior horizontal level of resistance of $2,130 to $2,150 to hold as the new support.
- ETH was overbought on several timeframes, particularly the 3D timeframe, and remains overbought on this timeframe. However, on the 12hr, 1D and Weekly, the RSI is back beneath overbought levels.
Market mechanics
- ETH’s Open Interest has risen to a yearly high of $8.47b, the highest since November 2022 - the FTX collapse.
- The OI-Weighted Funding Rate has also pulled back to healthier levels, back at 0.011%, down from 0.032% yesterday.
- The Long/Short Ratio is at 0.9539, indicating more participants chased the move down yesterday and Shorted as price came down.
Cryptonary’s take
The mechanics for ETH have returned to healthier levels in terms of positioning - Longs and Shorts are in a more even balance. However, Open Interest is at new highs and has quickly ramped up, so we may see a flush out in the coming week or so. This would likely come from a meaningful movement in price that then forces a squeeze against that side (Longs or Shorts).The TA for ETH still looks positive. We’d like to see price pullback and test the $2,130 to $2,150 area as new support (prior resistance).
If price were to dip below $2,000, we would be DCA buyers of ETH, particularly if price were to re-visit the late $1,800’s, although this is not something we expect, particularly in the short-term. We likely see ETH reaching $2,340 and pushing higher. Hence, we’re DCA buyers if price touches $2,000.
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