Ethereum continues to face pressure around $2,000, with the short-term divergence between bulls and bears widening. Market data shows that while price momentum is weak, derivatives leverage continues to rise, and active selling has also increased significantly, making this level the most closely watched support zone in the current market.
ETH has yet to regain $2,200.
As of press time, ETH was trading at approximately $2006, with a 24-hour trading range between $1972.57 and $2023.22. Trading volume was approximately $13.17 billion, and the market capitalization was approximately $242 billion.
From a technical perspective, ETH has not yet recovered its strength significantly after the previous pullback, and buying pressure has failed to push the price back to higher levels. A key level of market focus is $2200. If this level cannot be recovered soon, bearish pressure may persist; if it falls below $2000, the seller-dominated situation may continue.
Binance positions increased and selling pressure was strong.
CryptoQuant data shows that Binance's open interest increased by approximately 336,000 ETH. If OKX, Bybit, and Deribit are included, the total new open interest across major platforms is approximately 503,800 ETH, equivalent to nearly $1 billion at current prices.
However, this increase in holdings was not accompanied by significant active buying. On the contrary, Binance's cumulative net active trading volume fell to approximately negative $744 million, one of the deepest negative values since April 6, indicating that the more active side was still selling.
- Binance's open interest increased by approximately 336,000 ETH.
- The major platforms collectively added approximately 503,800 ETH.
- Binance's net active trading volume was approximately negative $744 million.
RSI and MACD remain weak.
From a technical perspective, ETH's RSI is 30.87, close to the oversold zone, but still below the neutral level of 50, indicating that buyers have not yet regained control. Its RSI moving average is around 35.28; only if it can subsequently rise above this level could it be considered an early signal of improved momentum.
The MACD indicator is also bearish. The MACD line is at -65.71, below the signal line at -51.94, and the histogram is at -13.77, indicating that downward pressure remains. However, the histogram has not continued to expand significantly, meaning that while selling pressure exists, it has not yet accelerated further.
Overall, ETH is currently in a phase characterized by weak momentum, rising leverage, and heavy selling pressure. To alleviate short-term pressure, the price needs to recover the $2200 area as soon as possible; until then, the $2000 level remains a key area for the market to observe its next direction.
