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ETH Ethereum rebounds from long-term channel support as buyers wait to confirm a breakthrough of major downward resistance
Clearing activity has normalized and excessive leverage has been reduced, leaving room for healthier directional price fluctuations. Strong intraday push Ethereum above $1,770, as buyers held on to support and improved short-term momentum. The outlook for Ethereum remains optimistic, with improved technical conditions and balanced derivatives holdings focusing market attention on a key resistance area that may determine the next round of broader trends.
Downward channel puts Ethereum at a turning point
The cryptocurrency market is focusing on Ethereum after a chart shared on social media attracted attention. Analysis points out that Ethereum is approaching a decisive technological moment. Prices have recently rebounded from support in the long-term downtrend channel. The chart still reflects the broader bearish market structure, with lower highs and lower lows within the channel. Declining resistance still dominates the trend for higher time frames.
The recent price trend is different from previous attempts to rebound in the channel. Buyers successfully held the channel support twice in a row. These reactions suggest increased demand near key technical support levels. The released analysis pointed out that breaking downward resistance would change the market structure, and such confirmation would negate the existing bearish channel. Traders are still watching the resistance level while waiting to adjust broader expectations.
Liquidation trends suggest healthier market conditions
Since the January liquidation event, the Ethereum derivatives market has changed significantly. In previous sharp declines, long liquidations were close to a billion dollars at one point. This wave of liquidations cleared excessive long leverage from futures markets. Subsequently, in February and March, liquidation activity declined significantly. Long and short positions are relatively balanced, prices have also stabilized, and there have been no extreme liquidation events. 
Moderate clearing clusters emerged in May and early June, mainly affecting long leveraged positions during the correction period. Even so, the total liquidation amount is still well below the abnormal level in January. Recent activity reflects a more balanced overall environment for derivatives, with alternating long and short liquidations, and neither party has an overwhelming advantage. This balance reduces the direct risk from over-leveraged positions.
Buyers hold momentum above critical intraday levels
Intraday trading showed that Ethereum began to recover after a few full hours of trading in a narrow range. Buyers regained momentum during the evening trading session, breaking through and pushing prices above earlier resistance. As of writing, Ethereum was trading at $1,777.21, up 1.82% in the past 24 hours. Despite slowing trading activity, the market value still reached US$214.84 billion. 24-hour trading volume was US$8.55 billion, down 12.64% from the previous day. The price increase was accompanied by a decrease in trading volume, a combination that suggests prudent buying rather than aggressive speculative participation. Greater participation may further consolidate recent breakthroughs. Holding recent breakthrough areas remains the current technical goal. Continued strength will support further attempts to rebound towards channel resistance. Market attention is now focused on whether Ethereum can complete the expected trend reversal.
