ETH price drops to 4-month low, but Ether futures data hints at $3.2K bounce

💡 DMK Insight

ETH’s drop to $2,762.73 is concerning, but futures data suggests potential recovery ahead. The recent price decline brings ETH to levels reminiscent of July, which might trigger bearish sentiment among traders. However, the futures market shows a buildup in open interest, indicating that many traders are positioning for a rebound. If ETH can reclaim the $2,800 level, it could pave the way for a push toward $3,200. Watch for any significant volume spikes around this level, as they could signal a shift in momentum. On the flip side, if ETH fails to hold above $2,700, we could see further downside pressure, potentially testing lower support levels. Keep an eye on correlated assets like BTC, as their movements can influence ETH’s trajectory. The next few days will be crucial; monitor the 4-hour chart for signs of bullish divergence or continued selling pressure.