Hey guys.
The price has hit local resistance at $2,330, where large trading volumes have been recorded. Open interest has started to decline, but slightly, indicating the presence of short positions in the market.
It is important to take into account that September is traditionally a weak month for cryptocurrencies, and the weak dynamics of Etherium may continue until the end of the month. October, on the contrary, often shows better results, and closer to it we can expect a recovery of purchases.
Watch the market's reaction to inflation data this week and the Federal Reserve meeting next week, which may make adjustments to the asset's usual dynamics.
In general, I expect a breakdown of the $2400 level for a buying opportunity when bearish candlesticks are absorbed and open interest declines. Until that happens, the price may trade in the range of $2200-2400, indicating an efficient market.
I will also consider positions near the lower boundary of the $2200-2150 range in case of a breakdown/false breakdown.
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Stay tuned.
