Last week, ether (ETH) was on the verge of falling below $1600. On August 23, the altcoin fell to $1604, but it rebounded to $1695 the same day.
The subsequent wave of sell-offs triggered a decline in ETH to $1650. In the range from $1660 to $1680 is the nearest resistance zone, and the bulls are unable to push the cryptocurrency above this level.
On the night of Tuesday, August 29, the ETH exchange rate sagged to $1645. The decline in the spot price led to a weakening of interest in ether futures.
On Monday, the amount of contracts fell to $4.74 billion, according to data from the Coinglass platform.
Open interest in ETH futures is at its lowest level since July 2022.
Experts predict a further decline in activity on the derivatives market if the cryptocurrency does not hold above $1600. It will be able to count on support in the range from $1580 to $1620.
The RSI index is below 50, indicating that ether is oversold. The gradual decrease in pressure is indicated by the concentration of ETH in whale wallets.
The ten largest investors hold roughly 35% of the cryptocurrency’s total supply, according to a report from Santiment.
The number of small traders has shrunk as a result of the market decline, and whales remain in key positions. The situation has stabilized, and apparently ether has entered a consolidation phase.