Ethereum is defending the $2,700 level as derivatives and spot-market data point to renewed selling pressure. ETH traded near $2,721–$2,725 on October 5, after dipping to about $2,660 over the weekend, while Bitcoin climbed toward $86,300–$87,000.
Open interest in ETH has been expanding. It rose from $18 billion to $18.7 billion over the weekend and briefly hit $19.9 billion on October 2, the highest since November 2025. However, Ethereum cumulative net taker volume has been negative since August, with a sharp CVD decline on October 2, indicating that selling takers are dominating despite the price recovery from September, ETH's best September since 2016. Sentiment remains in greed territory at 65 points.
A notable whale sold 13,330 ETH from reserves originally acquired at the Ethereum ICO for about $0.31 per ETH. On Hyperliquid, ETH open interest stands at $3.3 billion, slightly above Bitcoin's $3.24 billion, while Binance leads overall with $9.4 billion in ETH open interest. Hyperliquid ETH/USD futures recorded $886 million in daily volume, with about 67% of traders long. Shorts are concentrated above $2,800 on Hyperliquid and around $2,750 on Binance, while longs are protecting the $2,600 range.
Liquidity remains a key concern. Median ETH order-book depth across eight major centralized exchanges is $13–14 million, only 35–45% of Bitcoin's depth of $29 million on bids and $37 million on asks around 0.15% from mid-price. Binance has the deepest books, while MEXC is an outlier at roughly $450,000. For Ethereum, support sits near $2,645 and resistance at $2,775. Analysts note a decisive loss of $2,645 would weaken the recovery and raise downside risk, while holding support and clearing resistance could make $3,000 a credible target.
