Ethereum Price Rebounds Sharply—Key Levels to Watch This Week

Ethereum Price Eyes Breakout – Ethereum (ETH) is showing signs of recovery after bouncing from key support levels, with a 3% intraday gain that mirrors Bitcoin’s bullish momentum. At press time, ETH trades around $2,626, as traders speculate on a potential breakout toward $2,699 and possibly $2,800 in the near term.

Ethereum Price Analysis Points to Potential Upside

On the daily chart, ETH has rebounded sharply after failing to hold above the 50% Fibonacci retracement level at $2,699. The price dropped to a low of $2,439 before a swift bullish reversal. The presence of long lower shadows on recent candles indicates a strong buying response near support.

MACD lines are on the verge of a bullish crossover, while the RSI is climbing from the midpoint—both indicating strengthening bullish momentum. If ETH breaks above $2,699, it could target the 61.8% Fibonacci level at $3,003, with $2,800 acting as a near-term resistance.

Key downside support lies at $2,395, the 38.2% Fibonacci level.

Ethereum Exchange Reserves Decline, Easing Supply Pressure

Data from CryptoQuant shows Ethereum exchange reserves dropped from a weekly high of 18.89 million ETH to 18.67 million ETH, approaching the all-time low of 18.63 million ETH recorded on June 4. This signals reduced selling pressure and potential for sustained gains.

Derivatives Market Shows Growing Bullish Sentiment

According to CoinGlass, ETH’s open interest rose 4.75% to $36.3 billion, while the funding rate remains positive at 0.0046%, indicating growing confidence in a price recovery. In the past 24 hours, over $34.65 million in short positions were liquidated, creating a bullish imbalance with a long-to-short ratio of 1.0627.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.