Interest in ETH Futures Falls to Lowest Level Since July Last Year
Last week, Ethereum was teetering on the edge of falling below the $1,600 mark, falling to $1,604 on August 23 although quickly correcting to $1,695 that same day.
However, the following selling pressure caused ETH to again dip to $1,650. The corridor of $1,660 to $1,680 marks the immediate resistance zone, and the bulls have not been able to claw it back above this region.
On Tuesday night, August 29, ETH plummeted to $1,645. This drop in the baseline price immediately caused a reduction in interest in Ethereum futures, with CoinGlass data showing a drop to $4.74 billion.
The open interest in ETH futures has plunged to its lowest levels since July 2022.
In the face of a seemingly ongoing descent, experts predict a further decline in derivative activity should ETH fail to remain above $1,600, which would receive a lifeline in the support zone of $1,580 to $1,620.
Reflecting this, the Relative Strength Index appears in the oversold area due partly to the softening of the whales and large ETH holders in the market, which make up approximately 35% of ETH’s overall supply according to a Santiment report.
