Ethereum Tests $2,700 as Selling Pressure Rises

Ethereum (ETH) is facing rising selling pressure across both spot and derivative markets, testing its ability to hold the $2,700 support level. After a strong September, ETH's open interest surged to $19.9 billion on October 2, the highest since November 2025, though it has yet to fully recover from pre-October 2025 levels. The cryptocurrency has also broken its downtrend against Bitcoin (BTC), climbing from 0.019 BTC per ETH in April to 0.032 BTC in recent weeks.

Trader positioning on Binance shows a shift away from price action, with cumulative net taker volume (CVD) for selling turning negative in August. This trend intensified on October 2, coinciding with a significant selling event. Despite this, ETH's sentiment remains in the greed range at 65 points, offering some hope for bullish momentum. A notable whale recently sold 13,330 ETH from its ICO reserves, acquired at $0.31 per ETH.

Hyperliquid's rising open interest is another key driver of ETH's price action, with positions valued at $3.3 billion, surpassing BTC's $3.24 billion. On Hyperliquid, short positions are concentrated above $2,800, while long positions defend the $2,600 range. Around 67% of ETH traders on the platform hold long positions, though liquidation risks remain high for both long and short traders. ETH's current vulnerability to selling pressure highlights the delicate balance between bullish sentiment and market risks.