Ethereum ($ETH) recently broke a critical weekly support level at $2,360, triggering significant liquidations across the market. Open interest has declined by approximately 50%, active addresses are decreasing, and exchange reserves are on the rise.
Market Observations:
- Momentum is weakening, with short-term risk skewed to the downside.
- Immediate support is in the $1,820–$1,850 range.
- The broader macro safety net is around $1,530.
- Weekly RSI is approaching oversold levels, but the overall trend remains bearish until ETH reclaims the $2,150–$2,200 range.
The ongoing derivatives reset may indicate either a local market bottom or the beginning of a deeper correction. It is important to monitor participation levels and exchange flows closely for signs of market direction.
Key Takeaways:
- ETH is testing critical support near $1,800.
- Market structure suggests continued downside risk until major support is recovered.
- Traders should watch liquidity flows and open interest for confirmation of potential trend reversals.
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