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Binance, the world’s largest cryptocurrency exchange by trading volume, recorded the largest decline of about 40 million ETH over the last 30 days.Ether’s OI on Gate exchange fell by more than 20 million ETH , while Bybit and OKX saw declines of 8.
5 million ETH and 6.8 million ETH, respectively. Cumulatively, the four major platforms saw a total decline of about 75 million ETH, while other platforms accounted for the remaining five million ETH, confirming that the phenomenon is widespread and not limited to a single exchange. This suggests that leverage traders are “reducing their exposure rather than opening new positions,” CryptoQuant analyst Arab ChainThis significant drop in OI amid dropping prices can be “viewed as a clean-up of weaker positions, thereby reducing the likelihood of sharp forced liquidations later on,” the analyst said, adding: “This environment may pave the way for a period of relative stability or the formation of a more solid price base for Ethereum in the near future.”Ether futures funding rates on Binance have plunged deep into negative territory at -0.006, marking the lowest value recorded since early December 2022. “It indicates that the bearish sentiment has reached an extreme peak not seen in the last three years,” CryptoQuant contributor CryptoOnchainHistorically, extreme negative funding rates at major price support levels often precede a short squeeze. “When the crowd is this convinced that prices will fall further, the market tends to move in the opposite direction to liquidate late bears,” the analyst said, adding: “Current data suggests we may be witnessing a classic capitulation event, mirroring the bottom formation of late 2022, potentially setting the stage for a sharp recovery.”, Ether’s surging network activity and rising institutional investor inflows are significant tailwinds for any short-term ETH price gains.The ETH/USD pair broke out of a falling wedge on the four-hour chart, to trade at $2,050 at the time of writing. The measured target of the falling wedge, calculated by adding the wedge's maximum height to the breakout point at $1,950, is $2,150. at $2,260 and later toward $2,500.On the downside, a key area to hold is the $2,000 psychological level, embraced by the 50-period SMA, as shown in the chart below. The Glassnode cost basis distribution heatmap reveals a significant support area recently established between $1,880 and $1,900, where investors acquired approximately 1.3 million ETH., Ether accumulation addresses witnessed a surge in daily inflows as ETH dropped below $2,000 last week, signalling strong investor confidence in its long-term potential. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. While we strive to provide accurate and timely information, Cointelegraph does not guarantee the accuracy, completeness, or reliability of any information in this article. This article may contain forward-looking statements that are subject to risks and uncertainties. Cointelegraph will not be liable for any loss or damage arising from your reliance on this information.
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