Ethereum Price Outlook: Struggling to Reclaim Broken Trendline as Long Positions Build

• Ethereum trades near $3,446, struggling to reclaim the former rising trendline that had supported every higher low since April.
• Derivatives data show renewed long exposure, with open interest up 4.15% as traders cautiously re-enter after the breakdown.
• A daily close above $3,935 would flip Supertrend bullish and confirm breakout toward $4,400–$4,800.

At the time of writing, Ethereum trades at $3,446, struggling to reclaim the rising trendline that has defined higher lows since April. The recent breakdown below this structure invalidates the previous trendline support, suggesting a potential shift in market momentum.

While derivatives data shows renewed long positioning, the move now reflects attempts to defend post-breakdown levels rather than a clean bounce from trendline support. The market will need to reclaim the trendline to confirm a short-term recovery and…

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