Ethereum (ETH) retreats near $1,500 as weekly resistance holds; futures selling eases
Ethereum (ETH) has slipped back toward the $1,500 support zone after losing key weekly levels. The weekly structure remains bearish, with lower highs and failed rebounds. ETH has fallen below the weekly 200-day EMA/200-day MA cluster at about $2,470–$2,530, which has flipped from support to resistance.
On the derivatives side, selling pressure looks less intense than before. Analyst CW says ETH’s net position delta has stopped declining and is beginning to rise, a signal that shorts may be losing momentum. However, open interest (OI) is roughly flat near 34.6 million contracts, suggesting limited fresh capital and leaving the rebound fragile.
Traders are focused on ETH’s ability to hold $1,500. A clean breakdown could expose the April 2025 wick low near $1,375 and accelerate downside momentum.
Bearish
Despite signs of stabilisation in derivatives, the dominant signal is still bearish for ETH. Technically, ETH has lost key weekly levels and is trading back under the former support zone (weekly 200-day EMA/MA around $2,470–$2,530), which now acts as resistance. This keeps the broader structure vulnerable, especially if $1,500 breaks.
Derivatives data provides only a partial cushion: net position delta moving up suggests shorts are becoming less aggressive, but open interest staying flat near 34.6M implies the rebound may be driven by repositioning rather than new long demand. That combination typically leads to choppy price action—brief relief rallies, followed by renewed downside risk if $1,500 fails to hold.
In the short term, traders may attempt mean reversion around $1,500, but the key trigger for traders remains a confirmed break lower that would likely pull ETH toward $1,375. In the longer term, without sustained strength and rising OI alongside improved positioning, the bearish weekly structure is likely to persist.