Ethereum Price Battles with $2K After Brief Rally, What to Expect?
The post Ethereum Price Battles with $2K After Brief Rally, What to Expect? appeared on BitcoinEthereumNews.com.
Ethereum price traded just above $2,000 on March 24, dropping over 2% from the $2,090 high reached earlier this week. The brief surge—fueled by bullish sentiment over the upcoming Hoodi testnet deployment and Pectra upgrade—proved unsustainable. ETH ended last week around $1,965, exposing the asset to renewed downside risks heading into the weekend. Trump Rally Fades Fast as Traders Exit ETH Longs Trump’s speech momentarily sparked market momentum, sending ETH above $2,067 on March 21 for the first time since March 9, according to CoinMarketCap. However, bulls failed to maintain the push, as prices dropped swiftly by over $100 within hours. CoinGlass liquidation data showed that $17.18 million in long positions were rekt in the past 24 hours, compared to just $7.45 million in shorts. That imbalance reflected overleveraged bullish trades betting on extended upside that failed to materialize. Adding to bearish pressure, total rekt positions reached $24.63 million, with another $3.47 million wiped in just four hours. Derivatives Data Confirms Weak Bullish Conviction Ethereum’s open interest in futures markets dropped below $20 billion, down to $19.94 billion over the weekend. Trading volume also fell sharply by 26.7%, according to CoinGlass. Open interest in ETH options declined by 5.45% to $5.88 billion, signalling reduced risk appetite among institutional players. Ethereum Derivatives Markets Analysis. Source: Coinglass Despite futures open interest hitting an all-time high of 10.23 million ETH on March 21, the annualized premium dropped below 4%, per Laevitas. This indicates weak demand for leverage and lower confidence in “cash and carry” strategies. Meanwhile, the ETH/USDT long/short ratio on Binance stood at 3.42 and 3.44 on OKX. Binance top traders showed a higher ratio of 4.16. These figures show lingering bullish positioning, but with open interest declining, follow-through appears limited. Low ETF Demand Macro Fears Weigh on ETH Outlook Ether exchange-traded…
Filed under: News - @ March 26, 2025 9:26 pm