Checking in our silver charts, you can see the ETF held the all-important $26 level so far on the weekly timeframe, first below. That price area stretches back several years. And the sharp bounce we are seeing should not be much of a surprise given how ferociously the rubber band snapped to the downside.
Nonetheless, observing the daily timeframe, second chart below, underwater silver bulls are far from in the clear. $28.50 is going to be a major battleground area. But before that happens, I suspect shorts will reinitiate their bearish bets if and when price reaches the declining 20-day moving average (orange lone), just above.
The first bounce off of major support is not a shocker. After that, though, subsequent tests tend to favor bears for a major breakdown. Thus, bulls must soundly recapture the initiative and prevent another rollover down below $26.