Overview
- Ethereum resumed a fresh decline on Wednesday when price fell below short‑term levels near $1,700 and moved toward about $1,670 on bearish hourly indicators.
- Open interest on Gate.io and Bybit collapsed to levels last seen in April 2025, erasing roughly a year of built‑up leverage in a matter of weeks and compressing risk on those venues.
- Binance has not seen the same drop in open interest and its funding rate has turned negative at about -0.0038, a sign that remaining futures activity is defensive or tilted toward shorts rather than fresh long conviction.
- Short‑term technicals show bearish momentum with hourly MACD and RSI weak and immediate supports near $1,610 and $1,585 that would expose the market to heavier selling and potential liquidation pressure if they break.
- At the same time one large institutional buyer reported new purchases totalling $213 million and now controls about 4.59% of circulating ETH which reduces available float and could shape how much lower prices can fall before new demand appears.