Ether Lee (ETH) has fallen 5.5% over the last seven days, and today's decline has added 1.4% as it is nearly $ 4,400. But despite turbulence, derivatives show amazing elasticity.
According to Cryptoquant, Binance's Ethereum Open Interest (OI) has maintained more than $ 8.4 billion after ETH has fallen below $ 4,400 this week.
In general, the sharp price table causes significant decrease in OIs as the trader solves the leverage position. This time, however, ETH traders have a firm view and suggest that there is a lack of conviction in expectations or additional disadvantages for rebound.
The mediation of OI shrinkage has fallen 3.4% in 24 hours compared to -6.25% this week, and the aggressive De Leverage is losing steam.
Ether Leeum buyer absorbs pressure despite the negative trend
The market sentiment is still weakly weakened by Binance's pure volume, ranging from -18 billion to 1.1 billion negatively. This indicates that the seller remains aggressively. However, the fact that OIs are steadily holding suggests that the buyer is quietly absorbing the pressure rather than a completely retreat.
Spot market activities add another optimism. Withdrawal of daily exchange on platforms such as Binance and Krake regularly exceeded 120,000 ETH. Such leaks reduce sales of sales and hint long -term accumulation strategies.
Whether this trend reflects institutional custody or retail positioning, it strengthens the exchange reserves and creates favorable conditions for expanded selling.
ETH's price trends to the upside on the daily chart. Source: ETHUSD on Tradingview
Bear trap that is possible before “Upttober”?
Technically, the chart of Ether Leeum is similar to the weak head and shoulder formation, resulting in an alarm for further drops. But some analysts argue that this can be one of the “biggest bear traps” formed in the market. Encryption strategist Johnny Woo pointed out the range of $ 3,800- $ 4,100 as its main support area.
If you have to go beyond this level, traders who are side -up by weakness can go back at higher levels and cause a rising reversal. Historically, October often brought a relief rally called “October” by merchants, and that Ether Lee's current weakness could be a stage for amazing rebound.
Currently, Ether Lee is faced with the challenge of shaking the pressure of September while maintaining critical support. If the buyer continues to absorb the sales flow and the OI stability persists, the stage may be set for an optimistic counterattack toward the last quarter of 2025.
The image of CHATGPT, the ETHUSD chart of TradingView
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