• Ethereum saw slight exchange outflows over the past 48 hours
• The heavy Open Interest nuke and high dormant circulation spike underlined the bearish sentiment in recent days

Ethereum [ETH] faced rejection at the $3.5k resistance zone. The market-wide panic in recent days spurred a 38% drop to $2,125 for Ethereum before a price bounce to $2,921 occurred a few hours after the drop.

The quick drop wiped out a large amount of Open Interest (OI) as the entire market saw liquidations that could be between $8 billion to $10 billion.

The ETH OI was near the mid-November levels after the recent wipe out. Unfortunately for the holders, the price was considerably lower, roughly 12% down from November.

Should Ethereum bulls buy more or wait?