Ethereum Tests $2700 as Selling Pressure Intensifies
Ethereum is currently under selling pressure in both spot and derivatives markets, raising concerns about its ability to maintain the $2,700 level. On October 5, Cryptopolitan reported that Ethereum's price dropped to $2,660 before rebounding to the $2,700 range. The ongoing selling pressure has made holding this level a critical issue for the near term.
In the derivatives markets, open interest has been rising, reaching $19.9 billion on October 2, the highest since November 2025. After recent liquidations, it recovered to $18.7 billion from $18.0 billion. While still below levels seen before October 10 last year, derivatives trading activity has picked up again.
Ethereum's performance against bitcoin has improved, with the ETH/BTC ratio recovering to around 0.032 BTC after falling to 0.019 BTC in April. Despite this rebound, sellers remain in control. Binance's cumulative net taker volume (CVD) for Ethereum has been negative since August, indicating that market selling has outpaced buying.
In spot markets, whale selling has also been noted. A large holder who acquired Ethereum at $0.31 per coin in a past ICO sold 13,330 ETH. However, an Ethereum-related sentiment index remained in the greed zone at 65 points, reflecting optimistic investor sentiment alongside the selling pressure.
Positioning across exchanges is another key factor. Hyperliquid's Ethereum open interest stood at $3.3 billion, surpassing bitcoin at $3.24 billion. Binance's Ethereum open interest was larger at $9.4 billion, but as positions build on Hyperliquid, liquidation risks tied to price swings are becoming more prominent.
With long and short positions facing off, the risk of liquidations in both directions is rising. The near-term focus is on whether Ethereum can hold $2,700 and, if the rebound continues, whether it can break above $2,800 to trigger short liquidations.