Ethereum is trying to defend the $2,700 level as selling pressure builds across spot and derivatives markets.
ETH trading activity has expanded sharply during the past month, bringing higher volumes and open interest.
However, positioning on Binance now signals stronger selling activity despite the broader market recovery. Rising leverage also leaves Ethereum exposed to liquidation pressure on both sides of the market.
Ethereum selling pressure grows as open interest expands
ETH traded near $2,721.83 on October 5 after recovering from a recent decline to about $2,660. The rebound keeps $2,700 in focus as traders assess whether Ethereum can preserve its recent momentum.
Ethereum open interest continued expanding over the weekend, rising from $18 billion to approximately $18.7 billion. Open interest briefly reached $19.9 billion on October 2, marking its highest level since November 2025.
ETH has not yet returned to open-interest levels recorded before October 10, 2025. Still, derivatives activity has become considerably stronger over the past month.
Ethereum has also improved against Bitcoin after breaking its prolonged downward trend. The ETH/BTC ratio recovered from about 0.019 in April to approximately 0.032 during the past week.
That recovery followed stronger attention toward ETH after its active September trading period. Ethereum also posted its strongest September performance since 2016.
However, Binance positioning suggests selling pressure has continued beneath the price recovery. Recent trading analysis showed Ethereum selling CVD has remained negative since August.
The ratio of ETH selling takers kept going lower, meaning ETH is facing increasing selling pressure, which competes with greed-based trading and more bullish sentiment. | Source: Cryptoquant
The indicator recorded another sharp decline on October 2 alongside renewed selling activity. The continued weakness indicates traders have increasingly favored aggressive selling despite ETH’s broader recovery.
Ethereum sentiment currently stands at 65, placing the market within the greed range. That reading suggests bullish expectations remain present even as selling pressure rises.
Meanwhile, spot markets have also recorded notable distribution. One early Ethereum investor reportedly sold 13,330 ETH from holdings originally acquired during the ICO.
Those tokens initially cost about $0.31 each during Ethereum’s early fundraising period.
Hyperliquid ETH open interest tops Bitcoin as liquidation risks rise
Hyperliquid has emerged as another major source of Ethereum derivatives activity. ETH open interest on the platform has climbed above $3.3 billion.
That total now exceeds Bitcoin’s approximately $3.24 billion in Hyperliquid open interest. Binance remains the larger venue, with around $9.4 billion in Ethereum open interest.
However, Hyperliquid positions create a different liquidation structure because leveraged traders cluster around specific price levels.
Short positions on Hyperliquid show a notable cutoff above $2,800. Binance short positions appear more widely distributed, with heavier positioning near $2,750.
On the downside, many Hyperliquid long positions defend the $2,600 region. Short-side liquidity extends toward $3,000, creating potential pressure if Ethereum advances further.
ETH/USD futures on Hyperliquid recorded about $886 million in daily volume. Bitcoin futures remained higher at roughly $2 billion during the same period.
Around 67% of Ethereum traders on Hyperliquid currently hold long positions. However, some large traders and market makers maintain sizeable short exposure.
Abraxas Capital is among the firms holding large ETH short positions while collecting funding fees.
Ethereum therefore faces liquidation risks in both directions. Short positions could become vulnerable if ETH gains another $100.
Conversely, renewed selling could target leveraged longs and test support near $2,600. For now, Ethereum’s ability to hold $2,700 remains central to the short-term market structure.
