ETH just experienced a 10% correction from July 31 to August 2, retesting the $3,000 support level for the first time since July 8. Meanwhile, the overall crypto market dropped 6.8%. However, open interest in ETH futures reached a 7-month high, leading many traders to speculate whether the price could rise to $3,600.
- Increased activity in ETH futures is not necessarily a bullish signal.
- Part of ETH's price drop is due to lack of cash flow into newly launched ETFs in the US.
- Sale under $3,000 triggered $141 million in liquidations in 48 hours.
- Open interest in ETH futures increased 5% in 7 days, reaching 4.6 million ETH, the highest level since January 2023.
📊 ETH futures showed mild optimism before the ETF launch, but then fell to 8% neutral on August 2.
- Leverage demand from retail traders remains stable, with no signs of excessive leverage before the unexpected price drop.
According to ETH derivatives, there are currently no signs that traders are expecting a sharp price increase in the short term.
👉 What do you think about the future of ETH? Comment below!