What happened and why it matters

The supplied Binance Futures data shows EWY last traded at $137.95, down 1.22% over the 24-hour period, with an intraday range of $140.26 to $135.90 and 24-hour volume of $176,274,434. That places the ETF close to the lower end of its recent range while still below the listed trend measures, which makes the current setup look technically weak.

EWY is below the SMA 7 at $146.37, SMA 20 at $151.81, SMA 50 at $168.00, and SMA 200 at $178.13. It is also below the EMA 12 at $147.65 and EMA 26 at $154.56. Taken together, those readings show price trading under both short- and longer-term averages, which is usually a sign that the broader trend has not yet recovered.

What the indicators are saying

Momentum remains soft. The daily RSI is 33.19 — a neutral zone reading, while MACD is -6.9153 with a histogram of -0.0000, labeled bearish in the source data. Stochastic values are also weak, with %K at 19.78 and %D at 15.82. None of those inputs confirm a reversal on their own, but they do show that EWY is still under pressure.

The Bollinger Band structure adds the same message. The lower band is $137.08, the middle band is $151.81, and the upper band is $166.54, with %B at 0.0295. In plain terms, EWY is trading near the lower edge of its recent volatility range. The daily ATR(14) of $6.92 suggests the ETF can still move enough in either direction to test nearby support or resistance without much warning.

What the derivatives data adds

The derivatives data from Binance Futures is more balanced than the chart alone. Funding is 0.0000%, which means the market is not showing a clear directional funding tilt at the moment. Open interest stands at 212,295.01 contracts, with an open interest value of $29,721,564 and a 24-hour increase of 1.59%, showing that participation has edged higher.

Positioning on Binance leans to the long side in the reported cohorts. The global long/short ratio is 1.1538, with long accounts at 53.6% and short accounts at 46.4% at the 2026-11-07 09:00:00 UTC observation time. Top-trader accounts are more skewed, with a ratio of 1.5947 and a long share of 61.5% versus 38.5% short. Taker flow also favors buyers, with a buy/sell ratio of 1.2910 and buy volume of 5,306 against sell volume of 4,110. That indicates active buying interest in the Binance cohort data, but it does not erase the weaker technical backdrop in the chart.

Key levels to watch

the levels place the pivot at $138.04, which is close to the current price. Immediate resistance is $140.17, followed by strong resistance at $142.40. On the downside, immediate support is $135.81 and strong support is $133.68.

The clean read from the evidence is straightforward: EWY is trading near support, but still below the averages and momentum markers that would show the trend has improved. If price holds above $135.81, the market can continue to work around the current support zone. If it slips through that level, the next cited support is $133.68. A move back above $140.17 would be the first sign that buyers are regaining short-term control, but the data does not justify calling that a confirmed turnaround.