Ethereum open interest maintains $ 8.4 billion: Why do merchants not flow despite price pressure star-news.press/wp

ETHEREUM (ETH) has decreased by 5.5 % in the past seven days, with a decrease in the day that adds another 1.4 % as prices are struggling near $ 4400. However, despite the disorder, derivative data appears noticeable.

According to Cryptoquant, the open interest of Binance’s ethereum (OI) remained fixed above 8.4 billion dollars, even after ETH decreased to less than $ 4,400 this week.

Hind declines usually lead to a significant decrease in OI where traders relax parking. This time, however, ETH merchants keep a company, which indicates either freshness or lack of condemnation in more negative momentum.

Moderation in OI shrinkOnly 3.4 % in 24 hours compared to -6.25 % earlier this week, also supports the idea that the aggressive reduction loses steam.

Ethereum buyer absorbs pressure despite negative flows

The feelings of the market tend to decline, with a net taker in Binance constantly negative, ranges between -1.08 billion and -1.11 billion. This indicates that sellers are still aggressive. However, the fact that OI maintains fixed uniforms indicating that buyers are quietly absorbed instead of completely retreating.

The instant market activity adds another layer of optimism. Daily withdrawals regularly exceeded 120,000 ETH via platforms like Binance and Kraken. These external flows reduce liquidity by selling and hinting them in long -term accumulation strategies.

Whether these flows reflect the institutional moves of accounts or locations for retail, they tighten exchange reserves and create less favorable conditions for expanded sale.

ETH's price trends to the upside on the daily chart. Source: ETHUSD on Tradingview

Possible bear trap before “Uptober”?

Technically, Ethereum chart It is similar to the formation of the head and the landfill, which raises the warnings about the additional negative aspect. However, some analysts argue that this could be one of the “largest bear traps” that forms on the market. Johnny Woo, a Crypto strategic expert, pointed to a range of $ 3,800 – $ 4,100 as a major support zone.

If ETH holds higher than this level, merchants who are marginalized because of the Habudiya feelings may be forced to re -enter at higher levels, providing the opposite of the upward trend. Historically, October has often brought relief pools, which was called “Uptober”, indicating that the current ETHEREUM weakness may pave the way for a sudden recovery.

Currently, Ethereum faces the challenge of getting rid of September pressure while obtaining cash support. If buyers continue to absorb flows on the sales aspect and OI continues, the stage can be assigned to an anti -bullish attack heading to the last quarter of 2025.

Cover image from Chatgpt, Ethusd chart from TradingView

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