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ETH Ethereum continues to be subject to a downtrend line that lasts for a year, and many weekly rebound attempts have failed to break through, allowing the lower high structure to be maintained. The Ethereum futures market remains active, with high open interest and frequent liquidation incidents, reflecting the continued existence of leveraged positions on major exchanges. Traders continue to focus on support and resistance levels. Under the suppression of bearish momentum, the entire altcoin market's recovery attempt is facing challenges. Ethereum's price outlook has attracted much attention. Continued selling pressure, repeated trend line rejections and active futures positions have together shaped short-term market expectations.
Weekly trend lines continue to define the direction of the market
A recent analysis by Mister Crypto diverts attention away from Bitcoin. The analysis believes that Ethereum provides a clearer market direction. The chart focuses on a downward resistance line that lasts for a year.
The weekly chart shows four major trend line rejections. Resistance was around $4600 at the first test. Subsequent failures appeared around $3300,$2400 and $1850. Each rejection leads to lower highs at the weekly level. Buyers have repeatedly failed to regain long-term momentum, while sellers have continued to hold this downward resistance line steadily.
The report points out that Ethereum has never returned to this trend line. This technical structure remains unchanged. Every rebound continues to face heavy upward resistance.
Short-term weakness leads sellers to dominance
As of writing, Ethereum was trading at US$1,832, a daily decline of 4.67%. Prices lost support near the $1,915 -1,920 area. Selling pressure intensified during the trading hours. The market then tried several times to rebound, but these rallies failed below nearby resistance levels. The intraday structure continues to form lower highs.
Subsequently, prices gained immediate support in the US$1,860 -1,865 region before weakening. Current resistance is around $1,880 and $1,900. Buyers need more volume to return to these levels. Market transactions are active and orderly. During the sell-off period, average daily trading volume exceeded $12.5 billion. The ratio of trading volume to market value was unchanged from the previous week, close to 5.67%.
Futures activity reflects continued market caution
Ethereum Perpetual Contracts continue to record alternating liquidation events. During the decline in major markets, there was a large number of long liquidations. Similar clearing clusters appeared in late May and early June.
Despite the occasional rebound triggered by liquidation, the overall trend for Ethereum remains downward. Attempts to rebound repeatedly lost momentum after a brief rise. This model allows long-term selling pressure to be maintained.
Exchange data showed Gate led with open interest volume of approximately US$6.33 billion. Binance followed closely, with open interest volume of approximately US$2.49 billion. CME ranked third with approximately $2.11 billion. Binance also recorded the largest trading volume and number of transactions in Ethereum futures. The increase in participation reflects the continued existence of leveraged positions in the derivatives market. Traders are now focusing on whether the expanding volume of open interest will ultimately support price stability.
