Key Takeaways
Ethereum is showing signs of strong accumulation and tightening supply, but lingering leveraged positions may trigger a sharp dip before any breakout.
Ethereum [ETH] is walking a tightrope near $3,780; a price level that’s frustrating the bears but hasn’t yet rewarded the bulls as well.
While on-chain data indicates strong accumulation, fresh liquidation charts suggest further shakeouts are ahead. With $2 billion in USDT minted and 244K ETH leaving Coinbase, big players may be positioning.
But a dip to flush out leverage could come first.
Decoupling in motion
Ethereum has formed a higher low above $3,600 – a typically bullish signal. But on Binance, Open Interest has dropped to a lower low, creating a divergence with the spot price.
Source: CryptoQuant
This suggests traders are closing leverage or reducing risk, likely bracing for volatility.
Funding Rates have also cooled to near-neutral, suggesting that speculative momentum is fading, often a precursor to a healthier rally if support holds and leverage is cleared.
