Ethereum has climbed about 86% from its June low of $1,506 after reaching $2,806 this month. The asset now trades near $2,670, up roughly 10% over the past seven days as the market pulls back from that recent high. Market participants are also watching ETH/BTC strength as a signal for broader altcoin momentum, with consolidation expected after the major rally.

The advance has unfolded alongside a notable build-up in bearish derivatives positioning. Bitfinex ETH short positions — leveraged margin trades that profit when prices fall — have risen to about 73,056 ETH, their highest level in 51 months. Bitfinex margin positioning is closely followed by traders as a barometer of leveraged bearish sentiment, and Ethereum is holding near $2,670 despite the sharp rise in shorts. The combination now puts the $2,550 support area and ETH/BTC relative strength in focus.

$2,550 Stands as Key Support on the Weekly Chart

On the ETHUSD weekly chart, the first support area sits around $2,550, a level positioned near the 100-week EMA at $2,558. Ethereum recently moved back above this moving average as it recovered from its June low, and buyers now need to defend the zone to preserve the recovery structure. Weekly moving averages of this kind are standard reference points for trend structure, with the EMA weighting recent closes more heavily than the simple moving average.

A deeper pullback would shift attention toward the $2,180 area. Lower support levels are marked near $1,965 and $1,713, zones that previously attracted demand during the recovery from the second-quarter selloff. Ethereum would, however, first need to lose the $2,550 region before those lower levels become relevant.

On the upside, the 100-week SMA near $2,761 forms the first nearby hurdle. The chart places another resistance zone around $2,800, close to Ethereum's recent September high. A weekly move through that region would open room toward the larger resistance level near $3,447.

Bitfinex Shorts Surge to 73,056 ETH

Bitfinex ETH short positions rose sharply throughout September. TradingView data places the total near 73,056 ETH as of September 24, taking short exposure to its highest level in roughly 51 months — a stretch of more than four years.

The latest weekly change stands out in particular. Bitfinex ETH shorts increased by more than 53,800 ETH, or about 280%, during the move shown on the chart. Short exposure now sits far above the levels recorded throughout most of 2023, 2024, and 2025.

Past increases in Bitfinex shorts often coincided with periods of Ethereum price weakness. The current setup differs, however, because ETH has held much of its recovery from the June bottom, and that divergence between positioning and price is part of what makes the present reading notable for market watchers.

ETH/BTC Strength Keeps Altcoin Momentum in Focus

The ETH/BTC weekly chart offers another view of Ethereum's standing within the broader crypto market. The pair rebounded strongly from its 2025 low and has since entered a consolidation phase following its main rally. ETH/BTC rises when Ethereum outperforms Bitcoin, and traders monitor the pair as a proxy for whether capital is rotating toward altcoins.

The current structure invites comparison with the 2020 to 2022 cycle. During that earlier period, ETH/BTC moved from a bottom into a strong rally before spending months in consolidation. The present chart maps a similar sequence of a bottom, rally, and sideways period, though the pair would need to break from its consolidation range before showing another clear phase of relative strength against Bitcoin.

Ethereum therefore sits between a clearly defined support area and a nearby resistance cluster. The weekly chart places support around $2,550, while the $2,761 to $2,800 zone forms the next barrier. Holding $2,550 would keep Ethereum above its 100-week EMA. Alongside those levels, the Bitfinex short total offers an ongoing sentiment reference, as further build-ups or an unwind in positioning would signal shifts in how margin traders view the market.

This article is for informational purposes only and does not constitute financial or investment advice. Technical levels and derivatives positioning do not guarantee future price movements.