Ethereum (ETH) fell about 1 percent over 24 hours on April 7, but an analysis said four technical, derivatives and on-chain indicators are simultaneously pointing to a possible rebound.

Blockchain media outlet beincrypto said there appears to be little movement on the surface, but multiple indicators are pointing in the same direction.

In technical indicators, a potential exponential moving average (EMA) crossover stands out first. On the 12-hour chart, the 20-period EMA ($2,083) moved close to the 50-period EMA ($2,086), narrowing the gap to $3. A bullish crossover, where the faster EMA breaks above the slower EMA, is typically read as a signal of a shift in short-term momentum. The outlet noted that the gap between the 20 and 50 EMAs has narrowed to $3. It said that if the crossover is confirmed, the 100-period EMA ($2,144) could become an immediate test.

The second is bullish divergence on the relative strength index (RSI). From March 19 to April 6, the price made a lower low while the RSI formed a higher low. This is read as a sign that selling pressure is weakening. This structure holds only if $2,086 is maintained. The outlet said the divergence remains valid as long as Ethereum stays above $2,086.

In derivatives markets, a trend of growing short positions was detected. On April 4, open interest was $10.49 billion and the funding rate was about minus 0.0015 percent. By April 7, open interest rose to $10.77 billion and the funding rate fell further to minus 0.007 percent. A rise in open interest combined with a more negative funding rate means new shorts are building up.

The outlet said rising open interest and a more negative funding rate mean one thing: traders are opening new short positions. It said that if the price moves the other way, buying from short liquidations could follow and lead to a short squeeze.

On-chain data highlighted that whale wallets did not reduce holdings. Whale wallet holdings excluding exchanges rose to 122.92 million ETH on April 7 from 122.73 million ETH on April 3. The increase of about 190,000 ETH, worth about $400 million, is closer to gradual accumulation than aggressive buying. Still, the view is that not reducing exposure even during a correction could act as a spot-market "floor".

Whether a short-term rebound is actually confirmed will be determined by price levels. On the upside, $2,116 (0.382) is the first hurdle. If the 12-hour closing price is above this zone, the likelihood of confirming the EMA crossover increases. After that, key resistance was put at $2,172. It has repeatedly capped the price since mid-March, so a breakout could signal a change in the short-term structure.