Ethereum Open Interest Falls 15.95% as Data Favor an Orderly Reset
Ethereum’s funding rate stood at +0.0059% before settling at +0.0045% on October 24. Both readings stayed positive, meaning long-paid shorts as leveraged demand cooled. Despite the decline, Ethereum’s long-to-short account ratio stood at 2.46, favoring longs.
$ETH therefore retained directional exposure even as outstanding contracts declined. For Ethereum, the price analysis treats that contraction as deleveraging, not evidence of a liquidation cascade.
However, without supporting liquidation data, the extent of forced selling remains unclear. For $ETH, lower leverage may ease liquidation pressure without confirming stabilization.
Four-Hour $ETH Breakdown Tests $2,352 as Buying Pressure Weakens
Meanwhile, the four-hour chart showed a failed rebound toward $2,500 around October 21 before selling pushed below $2,418. Ethereum subsequently traded near $2,371.21, beneath its 50-period exponential moving average at $2,425.90. On the other hand, $ETH faced immediate chart support at $2,352.15.
Earlier wicks touched the $2,320–$2,340 zone, but no confirmed sweep beneath $2,300 followed. The token’s price analysis also noted a drifting cumulative volume delta, providing little evidence of aggressive buying. Nonetheless, $ETH had yet to reclaim the broken resistance area.
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Ethereum Recovery Tests $2,418 and $2,425.90 Resistance
For Ethereum, a sustained four-hour recovery above $2,418 and the moving average would weaken immediate bearish pressure, with the higher reference remaining at $2,500. Conversely, losing $2,352 would bring the broader $2,300 demand area into sharper focus. Moreover, COINOTAG identified $2,150 as a lower reference should that demand area fail.
Against this backdrop, $ETH’s price analysis distinguishes those conditional levels from confirmed outcomes. Meanwhile, $ETH remained below short-term resistance ahead of the Federal Reserve’s October 27–28 meeting, which could introduce further market volatility.
Key Technical Levels
Recovery Case
A sustained four-hour reclaim above $2,418 and $2,425.90 would weaken bearish pressure, bringing $2,500 into focus.
Failure Case
However, losing $2,352 could expose $2,300, with $2,150 becoming relevant if demand fails.
FAQs
Available data favor deleveraging, not confirmed widespread liquidations.
Traders are closing futures positions, reducing leverage and outstanding contracts.
Immediate support stands at $2,352.15, followed by broader $2,300 demand.
A sustained four-hour reclaim above $2,418 and $2,425.90 supports recovery.
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Related: Bitcoin Slips Below $81,000 After Wall Street Close: Is $80K the Next Liquidity Target?
