ETH Holds Steady Near $2,700 Amid Derivatives Weakness

Ethereum's price remains steady near $2,700 despite weakening derivatives sentiment. According to Coinglass data, open interest in Ethereum futures has declined by approximately 500K ETH over the past four days.

The Estimated Leverage Ratio (ELR) has also dropped to its lowest level since March, indicating reduced leverage exposure and a more stable derivatives market.

Meanwhile, the Net Taker Volume remains in negative territory since early September, suggesting that traders may be engaging in basis trades or hedging strategies.