Ethereum Faces Pressure as Funding Rates Approach Negative
- Ethereum is trading at $2,925, down by 2.7% in the last day, with a range between $3,012.99 and $2,909.60.
- Funding rates for Ethereum are nearing negative territory, with the OI-weighted rate at approximately 0.0008%.
- Total open interest in Ethereum derivatives has risen by 0.68% over the past day to about $39.19 billion.
- Binance holds the largest share of Ethereum open interest at $8.95 billion, though it has decreased by 0.8% recently.
- Ethereum liquidations reached $64.34 million in the past day, with long positions accounting for most losses at $52.52 million.
Ethereum’s struggle to maintain a price above $3,000 reflects growing bearish sentiment in the market, as indicated by funding rates approaching negative levels and increased open interest in derivatives markets despite price declines.
The shift towards negative funding rates suggests stronger demand for short positions, potentially leading to further price pressure on Ethereum if this trend continues (Source).
