Ethereum (ETH) price dropped to $1,620 on September 2. On-chain analysis provides insights into possible Ethereum price action in the coming days. 

On September 2, Ethereum’s (ETH) price declined to $1,620. Both on-chain and derivates trading data signal that Ethereum could experience more bearish headwinds in the coming days. 

Nearly $450 Million Has Been Wiped off Ethereum Futures Markets 

Derivatives market data shows that Bitcoin Open Interest slid to $4.86 billion on September 4. Notably, the last time it dropped to this level was during the market panic triggered by the USDC-depeg and Silicon Valley Bank failure back in March 2023.

This recent downtrend means that nearly $450 million has been wiped off Ethereum Futures markets within the first four days of September. 

Open Interest summarizes the total value of an asset’s active or unsettled derivative contracts. A downtrend in Open interest is a vital bearish signal, indicating that investors are moving capital away from ETH futures markets.

This reduced interest and participation in the market could also lead to decreased demand in the ETH spot market.

Long-term Investors Have Entered Panic Mode

The bearish headwinds from the derivative

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Author: Ibrahim Ajibade

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