Ethereum drops near $2,000 as leverage spikes, $94M liquidations hit
Ethereum OI jumps 7.1%, price drops ~5%; $94m liquidated
Ethereum saw a sharp open interest spike on Wednesday, then fell nearly 5% over 24 hours. Longs were flushed as liquidations led the market.
ETH briefly reclaimed $2,150, then slid toward $2,000 as the broader market retraced on Thursday (market move).
Analyst Maartunn flagged a 7.1% rise in ETH open interest during the bounce, a setup he says has marked local tops ~75% of the time (analysis).
CoinGlass reports more than $94 million in ETH contracts liquidated in 24 hours, the largest among majors; Bitcoin followed with $83.8 million (data).
