Ethereum Open Interest Plunges: Cooling Off Or Cracks Forming?
Ethereum climbed back above $2,000 after a softer-than-expected US CPI Glassnode’s on-chain data reveals a significant cost-basis area between $1,880 and $1,900, where about 1.3 million ETH was traded. The $2,000 mark is acting as a psychological anchor and is reinforced by moving average clusters. A breakout from the recent falling wedge pattern points to an initial measured target near $2,150, a ceiling that would be tested before higher resistance near $2,260 and then $2,500. Those levels are not certainties; broader market tone and Bitcoin’s direction will influence whether they are reached.Support Zones And Technical Targets
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Reduced open interest lowers the risk of cascade liquidations for now, which can tame intraday volatility. At the same time, low funding rates show that bearish bets are still active and could be squeezed if momentum turns.
Reports say accumulation wallets increased inflows when prices dipped, hinting at longer-term conviction among some investors.
Featured image from Unsplash, chart from TradingView
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