BEARISH 📉 : Ethereum open interest drops 80 million ETH across exchanges

Ethereum's price surpassed $2,000 following a lower-than-expected US CPI report. Analysts are discussing whether this is a lasting recovery or a temporary rally.

Open interest in Ethereum futures has significantly decreased, with an 80 million ETH drop noted across major exchanges like Binance and OKX.
Funding rates on some platforms have reached levels not seen in three years, indicating strong bearish sentiment.
On-chain data from Glassnode identifies a significant support zone between $1,880 and $1,900, where about 1.3 million ETH was traded.
The $2,000 level acts as a psychological anchor, with potential targets at $2,150, $2,260, and $2,500 if momentum continues.
Reduced open interest lowers the risk of cascade liquidations, while low funding rates suggest ongoing bearish bets that could be squeezed.
Accumulation wallets reportedly increased inflows during price dips, indicating long-term confidence among some investors.

Ethereum Chart