Ethereum is testing a major support zone after losing key weekly moving averages and falling back toward the $1,500 area. At the same time, futures data shows selling pressure has started to ease, although a full trend reversal is not confirmed yet. Ethereum Retests Major Support After Losing Weekly Moving Averages Ethereum (ETH) has fallen back to a critical support zone near $1,500 after losing several major technical levels. The current area previously acted as support in late 2023 and again during the April 2025 correction, making it one of the most important levels on the weekly chart. Ethereum Weekly Chart (ETH/USD). Source: Daan Crypto Trades on X / TradingView The chart shows a clear pattern of lower highs followed by sharp selloffs. Each recovery attempt failed below the previous peak, creating a bearish structure that eventually pushed ETH below both the weekly 200 EMA and weekly 200 MA. These moving averages, located around $2,470-$2,530, previously served as long-term trend support but have now turned into overhead resistance. According to analyst Daan Crypto Trades, ETH has retraced the entire BMNR rally and returned to the $1,500 region. This level coincides with a major historical support area that successfully held during late 2023 and April 2025, making it a key zone for buyers to defend. The chart also highlights previous reactions near the same price area. Similar tests in 2023 and 2025 resulted in strong rebounds, suggesting market participants are closely watching whether support can hold once again. From a technical perspective, the current support appears more significant than the April 2025 wick low near $1,375. The analysis suggests that if ETH breaks below the $1,500 region and begins testing $1,375, downside momentum could accelerate and open the door to a deeper correction. For now, Ethereum remains at a critical decision point. Holding above $1,500 could allow buyers to attempt stabilization, while a breakdown below support would reinforce the broader bearish trend that has developed since the cycle highs. Ethereum Selling Pressure Eases, But Full Trend Reversal Remains Unconfirmed Ethereum (ETH) is showing early signs that selling pressure may be fading after a steep decline. While the broader trend remains weak, positioning data suggests bears are no longer increasing pressure at the same pace as before. Ethereum 1-Hour Chart (ETH Perpetual Futures). Source: CW on X / TradingView The chart combines ETH price action with Open Interest (OI) and net position delta data. Ethereum recently stabilized near the $1,550-$1,600 region after an extended selloff that pushed price from above $2,000 to current levels. According to analyst CW, the net position delta has stopped falling and has started to move higher. Net position delta tracks the balance between long and short positioning. After a prolonged decline, the recent uptick suggests traders are becoming less aggressively bearish. However, Open Interest tells a different story. OI remains relatively flat near 34.6 million contracts and has not yet shown the strong increase typically associated with fresh capital entering the market. Without rising OI, the current move may reflect short-term positioning changes rather than the start of a major trend reversal. From a technical perspective, analysts often look for both OI and net position delta to rise together. That combination signals increasing participation alongside growing bullish exposure, which can support a sustained recovery. For now, the key takeaway is that downward pressure appears to be easing. While that does not confirm a bullish reversal, it suggests the aggressive selling that dominated recent sessions may be losing momentum. If Open Interest begins climbing alongside net position delta, the probability of a larger recovery attempt could increase.
