ETH crash to $1K looms if key support breaks: Will futures traders step in?
Ether futures and exchange balances both dropped sharply during the recent sell-off, signaling a market with less leverage and less readily available supply. Total ETH open interest across exchanges fell about 25% to $12.6 billion from $16.6 billion in May. Gate.io saw the biggest reset, with ETH OI down 45% to $2.68 billion, near April 2025 levels. Bybit also returned to early-April levels, while Binance OI stayed relatively stable but funding turned negative, showing bearish positioning. At the same time, roughly 480,000 ETH left Binance, OKX, Gemini, and Bitfinex over a few days. This reduced exchange reserves and could tighten supply if demand returns. Traders are now focused on the $1,500 support zone, seen as critical for avoiding a deeper decline toward $1,000.
