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Ethereum recently bounced off the crucial $1.5K support level, but it’s still struggling to break through the bearish order block near the $1.8K mark. If it fails to clear this resistance, another pullback could follow.
Technical Analysis
By ShayanMarkets
The Daily Chart
The price created a clear bullish reversal pattern at the $1.5K support level and quickly rallied toward the order block located at the $1.8K mark. Meanwhile, if the market experiences a rejection from the order block, the bullish fair value gap located below the price can provide support and push the asset back higher.
With the 100-day MA taking a nosedive around the $2.2K level, this area is a probable bullish target for $ETH on the daily timeframe. 
The 4-Hour Chart
On the 4-hour timeframe, $ETH created a clear bullish market structure shift, with the descending channel broken to the upside. An impulsive rally has taken the price from around the $1.5K area to the $1.8K level in only a few days.
The $1.8K resistance zone is a critical one, as it has previously provided support for the market several times over the last few months. Therefore, a bullish breakout above this area could be the beginning of a further bullish continuation.
Onchain Analysis
The Ethereum Open Interest chart from CryptoQuant offers valuable insight into the current derivatives market sentiment surrounding $ETH.
During the last couple of cycles, Ethereum’s open interest has shown a strong correlation with price trends, rising steadily during bullish phases and dropping sharply during corrections.
In recent weeks, a slight recovery is visible. The asset has rebounded to $1.8K, and open interest is climbing again toward the $12B level. This rising open interest during a price recovery signals renewed speculative positioning, possibly anticipating a breakout or continued relief bounce.
However, considering past patterns, this also raises the risk of a volatile flush if the price stalls or reverses sharply again. Therefore, risk management will still be crucial in the coming weeks.