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Ethereum (ETH) has slipped 5.5% in the past seven days, with today’s decline adding another 1.4% as prices struggle near $4,400. Yet, despite the turbulence, derivatives data shows remarkable resilience.
According to CryptoQuant, Binance’s Ethereum open interest (OI) has remained steady above $8.4 billion, even after ETH dipped below $4,400 this week.
Typically, sharp price pullbacks trigger a significant drop in OI as traders unwind leveraged positions. This time, however, ETH traders are holding firm, suggesting either expectations of a rebound or a lack of conviction in further downside momentum.
The moderation in OI contraction, down just 3.4% in 24 hours compared to -6.25% earlier this week, further supports the idea that aggressive deleveraging is losing steam.
Market sentiment still leans bearish, with Binance’s Net Taker Volume consistently negative, ranging between -1.08 billion and -1.11 billion. This indicates sellers remain aggressive. However, the fact that OI is holding steady suggests buyers are quietly absorbing pressure rather than retreating completely.
Spot market activity adds another layer of optimism. Daily exchange withdrawals have regularly exceeded 120,000 ETH across platforms like Binance and Kraken. Such outflows reduce sell-side liquidity and hint at longer-term accumulation strategies.
Whether these flows reflect institutional custodial moves or retail positioning, they tighten exchange reserves and create conditions less favorable for extended sell-offs.
ETH's price trends to the upside on the daily chart. Source: ETHUSD on Tradingview
Technically, Ethereum’s chart resembles a bearish head-and-shoulders formation, raising alarms about further downside. Yet, some analysts argue this could be one of the “biggest bear traps” forming in the market. Crypto strategist Johnny Woo pointed to the $3,800–$4,100 range as a key support zone.
Should ETH hold above this level, traders sidelined by bearish sentiment may be forced to re-enter at higher levels, fueling an upside reversal. Historically, October has often brought relief rallies, dubbed “Uptober” by traders, suggesting that Ethereum’s current weakness might set the stage for a surprise rebound.
For now, Ethereum faces the challenge of shaking off September’s pressure while holding critical support. If buyers continue absorbing sell-side flows and OI stability persists, the stage could be set for a bullish counterattack heading into the final quarter of 2025.
Cover image from ChatGPT, ETHUSD chart from Tradingview
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Banking powerhouse JPMorgan recently increased its 2023 revenue target by $3 billion on improved operational prospects.
JPMorgan Chase (NYSE: JPM) has increased its 2023 key revenue target to $84 billion following its acquisition of First Republic earlier this month. The New York-based banking giant revealed the projected performance at an investor presentation Monday which should last throughout the day.
The new JPMorgan revenue target is $3 billion higher than the guidance given in April following the bank’s commendable Q1 2023 results. At the time, the multinational financial services company hiked its net interest income expectations by $7 billion.
Regardless of its heightened net interest income prospects for the year, JPMorgan pointed out that deposits and economic uncertainty could impact its forecast. Although the bank has thrived during the US banking crisis, its comments suggest that it does not take its good fortunes for granted.
JPMorgan was one of a few banks to experience a surge in deposits during the first quarter as spooked investors fled to established institutions. Leveraging its strong position as an exemplary bank amid the ongoing chaos, JPMorgan acquired the embattled commercial bank First Republic. The acquisition came after the Jamie Dimon-led banking powerhouse won a weekend auction for First Republic’s assets. Observers believe the acquisition would enhance JPMorgan’s earnings and aid the bank’s push for increased high-net-worth clientele. For instance, recent reports stated that JPMorgan could turn the newly-acquired bankrupt bank into a special branch for wealthy clients.
However, JPMorgan appears to be in no rush to enhance its wealth management business with First Republic’s resources. Commenting on the development, the co-head of JPMorgan’s consumer bank, Marianne Lake, explained, “We have to do it in a way that works for this company.” There are also suggestions that the prominent bank’s quest to integrate First Republic’s assets into its wealth management business could receive added impetus. According to The Journal, JPMorgan could benefit from retaining the insolvent bank’s financial advisers.
JPMorgan’s acquisition of First Republic is largely seen as a boon within the financial and banking industry. However, some quarters fear that bigger banks snapping up smaller banks could become too powerful. For instance, on the day of the deal announcement, Senator Elizabeth Warren lamented, saying:
“The failure of First Republic Bank shows how deregulation has made the too big to fail problem even worse.”
The US Democratic senator also added:
“A poorly supervised bank was snapped up by an even bigger bank — ultimately, taxpayers will be on the hook. Congress needs to make major reforms to fix a broken banking system.”
However, JPMorgan CEO Dimon, who will speak at the bank’s investor presentation later today, disagreed with Warren’s reasoning. Dimon opined that the First Republic acquisition underscored a functional US system. “We need large, successful banks in the largest and most successful economy in the world,” he stressed.
JPMorgan is the largest US bank and the world’s largest bank by market capitalization. For the first quarter of 2023, JPMorgan realized revenue of $39.34 billion, surpassing the $36.19 billion consensus estimate.
Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge.
When he’s not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.