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ETH traded at $2,690, up 1.6% over 24 hours, while open interest in Ethereum derivatives fell to 12.49 million ETH, its lowest level since March 1. Open interest has dropped by 1.46 million ETH since the recovery began in early July, and perpetual futures taker buying has remained mostly negative since last week.
Spot demand presents a mixed picture. Ethereum ETFs recorded $2.81 million in net outflows on September 29, ending a seven-session inflow streak. Earlier ETF demand and whale accumulation offer a counterweight, but the price setup remains a consolidation rather than a confirmed breakout.
Support sits around $2,657–$2,680. Holding that area would preserve the current range, while a sustained break below $2,657 would weaken it. ETH faces resistance at $2,722–$2,822; clearing the upper end could bring $3,000 into view. Falling open interest may reduce forced-liquidation risk, but it cannot create buying demand on its own.
Frequently asked questions
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How much has Ethereum derivatives open interest fallen?
Open interest stood at 12.49 million ETH, its lowest level since March 1. It has fallen by 1.46 million ETH since ETH’s recovery began in early July.
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What happened to the Ethereum ETF inflow streak?
Ethereum ETFs recorded $2.81 million in net outflows on September 29, ending seven consecutive sessions of inflows.
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What support level matters for ETH’s current range?
Support is concentrated around $2,657–$2,680. A sustained break below $2,657 would weaken the near-term consolidation.
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What resistance must ETH clear before $3,000 comes into view?
ETH faces a resistance zone from $2,722 to $2,822. A decisive move above $2,822 could open a test of $3,000, but that move has not been confirmed.
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Does falling open interest mean spot demand is strengthening?
No. Lower open interest may reduce forced-liquidation risk, but it does not create demand. ETF outflows and mostly negative perpetual futures taker buying leave the strength of buying in question.
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