Ether has lost 10% of its value in the past week. This makes it the second worst performer among the top 10 cryptocurrencies, just behind Dogecoin. The price drop has pushed Ether below $3,000. Technical signals suggest it could fall even further.
Ether funding rates turn negative amid market srop
Ether’s value has fallen, but trading activity remains high. Open interest jumped from 12.64 million ETH to 13.3 million ETH in just 24 hours. This shows new money is entering the market, but it does not mean traders are betting on Ether going up. Funding rates have flipped negative at -0.003%, meaning short sellers are dominating. Long positions are under heavy pressure. Over $610 million in long positions were liquidated in the last three days, the highest since November. US spot ETH ETFs also saw nearly $230 million in outflows on Tuesday.
Despite the losses, large investors, or whales, are still buying. The on-chain whale “Trend Research” withdrew 24,555 ETH from Binance this week, holding a total of 651,300 ETH. Ethereum treasury firm BitMine added 35,628 ETH and staked another 581,920 ETH last week, giving it a total of 4.2 million ETH.
Ether could test $2,700 if bears stay in control
Ether is testing the $2,880 support level after falling below $3,057. If it breaks this level, it could slide to $2,627, which held during the November drop. A further decline could push ETH toward $2,400. The 4-hour Relative Strength Index reads 37, signaling oversold conditions. Trade tensions between the US and EU are adding extra pressure on Ether and the wider crypto market.
If bulls step in, Ether could rise to $3,244. A stronger recovery could even take it back to its weekly high of $3,398.
