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Ethereum rebounded from recent weakness as buyer demand returned, lifting bullish momentum and keeping the market focused on key resistance.
Ethereum ($ETH) traded near $2,166 on the snapshot, up 0.5% over 24 hours, after rebounding from a sharp drop toward $2,105. The recovery pushed $ETH back near the top of its daily range at $2,173, showing buyers defended lower levels effectively.
Short-term support appeared around $2,100-$2,110, while resistance stood near $2,170-$2,174. Although weekly performance remained negative at -6.6%, the 14-day and 30-day gains suggested broader recovery momentum was still intact.
Where’s Ethereum Headed?
Notably, Ethereum traded around $2,169 on the 4-hour chart, with price action showing a clear recovery from the recent low near the $2,025-$2,040 zone. The chart suggests $ETH rebounded strongly from the lower end of the descending pitchfork structure.
It then pushed back above the channel’s mid-range, signaling that buyers regained near-term control. A key technical takeaway is that $ETH has now breached the upper boundary of the descending pitchfork.
The pitchfork had guided the recent corrective trend lower. As a result, a firm hold above this upper boundary would strengthen the case for a bullish breakout. It could also shift short-term momentum in favor of a move toward the $2,175-$2,200 area.
The Awesome Oscillator also supports the improving setup. Notably, the histogram has flipped back into positive territory, printing a reading near 18.72, which shows that bearish momentum has faded and bullish momentum is building.
The steady shift from deep red bars to rising green bars usually points to strengthening upside pressure. However, the smaller recent green bars suggest momentum should still confirm with follow-through.
Ethereum Buyers Are Back
Elsewhere, in his X commentary, CryptoJack said Ethereum buyers are returning to the market, pointing to a sharp rise in $ETH net taker volume. According to the analyst, the metric reached $133 million, which marks its highest level since July 2022.
That reading suggests aggressive buyers are stepping in and lifting price momentum after a long period in which sell-side pressure dominated.
The chart shared alongside the comment shows green positive spikes in net taker volume reappearing after extended stretches of red negative readings. That means market buy orders are starting to outweigh market sales, a shift viewed as a bullish sign for Ethereum.
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