The level of $ETH $2.4K will be quite key. I think it makes sense to test that local support level. I have no interest in longs until some of these billions in Open Interest have been cleared.

I will reevaluate based on how the price reacts around that area. A sweep and pullback will likely lead to the formation of a local range between $2.4K-$2.7K.

If the price loses that area, then the big horizontal at $2.1K makes a lot of sense. We don't want the price to slowly drift down to that area, as it's a recipe for disaster. A quick drop in that area would be perfect for dip buying, but it could be short-lived if we even get it at all.

It should be noted that the drop could be quite large in relative terms, but it would still be up 20% from the previous week, so in relative terms, it's not that strange.

The larger range remains $2.1K-$2.8K in which we are now stuck for a while I think.