ETH Holds Near $2,500 Amid Derivatives Weakness
Ethereum (ETH)
Editor:
Eugene Serbin
bitcoinethereumnews.com reports that Ethereum (ETH) is holding steady near $2,500 on Wednesday, supported by mild buying dominance in spot markets despite weakness in derivatives. Since the short squeeze that pushed the asset toward $2,500 in late August, meaningful leverage has not returned to support the uptrend. Open interest in Ethereum futures has declined by roughly 1 million ETH since the recovery began in July.
However, in USD terms, open interest has jumped by 54% to $33.7 billion since July 1, while ETH’s price rose by 58%. This divergence suggests weak conviction among long leveraged traders due to low inflow of fresh capital. Net Taker Volume has shown negative flashes over the past few days, indicating a struggle for dominance between bulls and bears.
On the spot side, withdrawals from exchanges have outpaced deposits over the past week, suggesting buyers are mildly in control. US spot ETH exchange-traded funds (ETFs) started the week with $24.3 million in net outflows on Tuesday. Ethereum experienced $30.6 million in liquidations over the past 24 hours, led by $15.6 million in short liquidations.
The daily chart shows a bullish near-term tone with price holding above key Exponential Moving Averages. Momentum indicators like the 14-day RSI and Stochastic Oscillator are around 62, suggesting sustained but not extreme buying pressure. Immediate dynamic support is found at the 20-day EMA of $2,403, with deeper floors at $2,172 and $2,111. Resistance lies at $2,544, ahead of barriers at $2,626 and $2,786.
How the market reacted
Whalio's own Binance spot order flow for ETH, measured when this story was written up on 10 September 2026. Not the outlet's figures.
Whalio data shows ETH trading at $2,468.13, with a 1-hour buy ratio of 55.4% and a 4-hour buy ratio of 50.8%, indicating short-term buying pressure. This contrasts with the 24-hour buy ratio of 47.2%, suggesting that buying momentum is fading over the longer timeframe. The 1-hour volume delta is positive at +$1,357,276, while the 4-hour delta is +$1,158,531, showing net buying in the immediate term. However, the 24-hour volume delta is negative at -$42,011,679, with a CVD of -$46,837,006, indicating net selling over the day. Net buying occurred for only 10 of the 24 hours, with a total spot volume of $751,842,584 across 2,792,573 trades.
The latest daily buy ratio of 46.8% sits at the 16th percentile of the last 322 days, against a median of 49.5% - weaker buying than most days.
Was that an ordinary day?
The same Binance spot measurements for ETH, averaged over the days leading up to the story.
Over the preceding week, the 7-day average buy ratio was 50.5%, compared to the latest day's 47.2%, a difference of -3.3 points. Volume was 1.12x the average, with net buying occurring for 3 of the 7 days. The price changed +3.2% over 8 days, with a total volume delta of +$24,384,820. This day shows lower buying conviction than the weekly average, despite slightly higher volume.