Ethereum (ETH) has slipped by 5.5% in the last seven days, the decrease of today adding an additional 1.4% while prices are struggling almost $ 4,400. However, despite turbulence, derived data show remarkable resilience.
According to an cryptocurrency, Ethereum Open Interest (OI) of Binance remained stable above $ 8.4 billion, even after ETH fell below $ 4,400 this week.
As a rule, net prints trigger a significant drop in the OI while merchants relax leveraging positions. This time, however, ETH merchants hold firmly, suggesting either expectations of a rebound or a lack of conviction in a new momentum.
The moderation of the contraction of the OI, down 3.4% in 24 hours, against -6.25% earlier this week, also maintains the idea that aggressive deterioration loses steam.
Ethereum buyers absorb pressure despite negative flows
The feeling of the market is still leaning Bearish, the net volume of Binance of Binance is still negative, going between -1.08 billion and -1.11 billion. This indicates that sellers remain aggressive. However, the fact that Oi holds stable suggests that buyers are quietly absorbing pressure rather than retiring completely.
The activity of the cash market adds another layer of optimism. Daily exchange withdrawals have regularly exceeded 120,000 ETH on platforms like Binance and Kraken. These outings reduce the liquidity of the sale and refer to longer -term accumulation strategies.
Whether these flows reflect institutional guard movements or retail positioning, they tighten the exchange reserves and create less favorable conditions for prolonged sales.
ETH's price trends to the upside on the daily chart. Source: ETHUSD on Tradingview
A possible “uptober” bear trap?
Technically, Ethereum’s graph resembles a downward and shoulder training, relaxing the alarms about the decline. However, some analysts argue that this could be one of the “largest bear traps” on the market. Crypto strategist Johnny Woo highlighted the $ 3,800 range to $ 4,100 as a key support area.
If ETH holds above this level, the merchants sidelined by the lowering feeling can be forced to return to higher levels, fueling an upward reversal. Historically, October has often brought rescue rallies, nicknamed “uptober” by merchants, which suggests that the current weakness of Ethereum could open the way to a surprise rebound.
For the moment, Ethereum faces the challenge of shaking the pressure of September while having critical support. If buyers continue to absorb the sales flows and the stability of the OI persists, the scene could be ready for an increased counterattack before the last quarter of 2025.
Cover the image of Chatgpt, Ethusd Chart of TradingView
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