Ethereum Bounces Off Key Weekly Support: Here’s Its Next Possible Direction

Ethereum rebounds above a major weekly support as volatility rises, with traders watching higher resistance levels for direction.

Notably, Ethereum is trading at $3,164.58, showing renewed strength after a volatile start to the week. The daily trading range sits between $3,076.91 and $3,217.54, reflecting a relatively stable intraday structure as buyers continue to defend higher support zones. Over the past 24 hours, ETH has dipped slightly by 1.3%, but the longer-term trend remains intact.

The 7-day performance shows a 4.6% increase, supported by a notable rebound from sub-$2,800 levels visible on the weekly chart. Momentum strengthens further when viewed on a 14-day basis, with Ethereum up 12.3%. As price now consolidates above the $3,100 region, market watchers are assessing whether this positive structure can extend into the coming sessions.

Ethereum Price Analysis

On the technical side, Ethereum’s weekly chart shows the price bouncing off the lower Bollinger Band based at $2,822, a key support level that recently halted the market’s correction. The midline of the Bollinger Bands, around $3,956, now acts as the next major resistance, signaling where bullish momentum may face its first real test.

Ethereum Weekly Chart

The width of the bands has expanded, indicating renewed volatility after days of downward pressure, showing that volatility might cool in the upcoming sessions. Price is currently trading below the 20-week SMA, indicating that Ethereum is still attempting to reclaim its medium-term trend structure.

Further, the Stochastic RSI sits near 10, deeply in oversold territory, suggesting that bearish momentum has weakened and a potential reversal is forming. Historically, Ethereum has shown strong upside reactions whenever the Stoch RSI crosses upward from these levels on the weekly timeframe.

If bulls maintain control above $2,820, the next upside targets lie at $3,300 to $3,400, followed by the stronger resistance at the Bollinger midline near $3,950. A breakout above this region would shift weekly market structure back into a bullish trend. Conversely, a failure to hold $2,820 exposes lower support levels around $2,645.

Ethereum Liquidation Data

Elsewhere, Ethereum’s liquidation data show that long traders are taking the brunt of losses. The 4-hour data, reflecting a broader price continuation, shows $3.97M in liquidations, with long liquidations at $2.86M outpacing short liquidations at $1.11M, indicating consistent volatility on both sides of the market.

Ethereum Liquidation Data

The 12-hour window expands this dynamic, with liquidations totaling $40.88M. Longs absorbed a majority of the losses at $29.64M, while shorts accounted for $11.24M, suggesting that earlier bullish momentum faded and trapped late long entries.

Over the 24-hour period, liquidations rose sharply to $82.74M, where long liquidations of $53.71M significantly exceeded short liquidations of $29.03M. This pattern implies that while Ethereum attempted a recovery move, price volatility ultimately led to a broader flush-out of leveraged long positions.

Source