Weakening interest in Ethereum (ETH) futures hints that institutional investors are preparing for the fall of the altcoin in the spot market.
The ETH rate on the night of Thursday, March 2, fell to $1640.
According to observers, the cryptocurrency may fall below $1,600 in the coming days.
The pressure will intensify if Ethereum drops to $1620-1630. Sellers are expected to become active in this area, and ETH will only be able to find a bottom in the range of $1,590 to $1,597.
Open interest in Ethereum futures fell to $11.19 billion on March 1, the lowest level since mid-February.
The lion’s share of contracts is deployed on the Binance, OKX and CME exchanges – $3.48 billion, $1.83 billion and $1.79 billion, respectively. This is evidenced by data from CoinGlass.
Ethereum has failed to hold above $1,700 and traders fear the fall could be painful. The nearest altcoin support zones are at $1565 and $1500.
The report from Santiment analysts says that Ethereum whales do not plan to sell digital currency yet.
The reserves of the ten largest investors exceeded 25 million ETH, and this cryptocurrency is placed on cold addresses. However, the whales may start selling if the ether does not hold above $1,600, experts say.
