The Ethereum price is attempting a rebound after reclaiming the $2,620 level, but several overhead resistances and weak volume momentum continue to cloud short-term direction. Despite a strong bullish impulse from local demand zones, the broader structure remains neutral within a tightening range.

The Ethereum price today is hovering around $2,628, up over 3 percent in the past 24 hours. This recovery emerged after price bounced from the $2,517–$2,540 accumulation block, which Smart Money Concepts marked as a recent liquidity grab and EQH breakout zone.

This Ethereum price update suggests that the bounce was fueled by a bullish breaker structure on the 4-hour chart, confirmed by a BOS (break of structure) above the $2,600 minor resistance. However, the daily trendline from early June remains intact and caps upside near $2,710, while multiple indicators suggest mixed momentum ahead.

The Ethereum price action is currently pressing against the 50 EMA on the 4-hour chart near $2,635. Price has now reclaimed both the 20 and 100 EMA and is approaching the upper Bollinger Band at $2,610, signaling short-term bullish intent. The daily chart shows ETH bouncing from the 0.618 Fibonacci level ($2,523), which served as a dynamic support zone.

Volume remains moderate, and OBV is turning higher, signaling improved demand, but not a decisive surge. The recent Ethereum price volatility remains subdued, with ATR holding around 14.8 on the 30-minute timeframe. This suggests a breakout is likely only if price sustains above the $2,640–$2,680 zone with expanding candles and higher relative volume.

On the liquidity front, the 4-hour SMC chart reveals that Ethereum recently swept a minor liquidity pocket near $2,540 and is now trading just under the previous EQH. However, the major buy-side liquidity pool remains unchallenged near $2,785–$2,810, suggesting that bulls still need to prove strength to reclaim those highs.

The Awesome Oscillator (AO) is turning green again and printing rising histogram bars, while the BBP (Bull and Bear Power) is reading at 115.98, indicating a sharp return of buyer strength after an extended consolidation phase. 

On-chain and money flow indicators also support this push: the MFI (Money Flow Index) is nearing 64, and CMF (Chaikin Money Flow) flipped decisively positive at +0.33, suggesting stronger capital inflow.

Directional Movement Index (DMI) is showing strengthening bullish trend as +DI (35.78) rises above –DI (29.71), though ADX is still below the threshold for a strong directional move. 

Importantly, the Supertrend on the 30-minute chart has flipped green since $2,584 and remains supportive of the ongoing recovery. The Supertrend shift confirms a short-term bullish bias as long as price holds above the $2,600 region. This aligns with the Parabolic SAR, which also shows consistent dots below candles, adding to the bullish sentiment.

The Ethereum price is climbing primarily due to aggressive demand between $2,517 and $2,540, where liquidity and smart money repositioning took place. The combination of bullish SMC structures, break of key EMAs, and rising momentum indicators explains why Ethereum price going up today.

However, this rebound remains within a mid-range structure. Ethereum must flip $2,700–$2,735 with a daily close above the 0.236 Fib ($2,745) to confirm a macro breakout. Without this, price could revert to the $2,580–$2,540 support band as part of continued consolidation.

Ethereum’s price recovery is constructive, but it remains within a fragile range unless bulls reclaim higher timeframe resistance at $2,735. Until then, upside rallies could face repeated rejection while demand zones around $2,540 continue acting as support.