Ethereum Price $2.6K, Funding Rates Signal $3.2K Rebound
Ethereum price dropped 15% to $2,625, its lowest level in four months, wiping out $460 million in leveraged long positions. The decline extends 47% from its August peak and coincides with $1.33 billion in net outflows from spot Ethereum ETFs over nine sessions. A stronger US Dollar Index at a six-month high adds downward pressure.
Despite risk-off sentiment, Ethereum price support surfaces as futures funding rates climb to near 6% annualized, reflecting growing long exposure among large traders. Top OKX traders raised ETH long positions as price fell below $2,700, buoyed by Nvidia earnings and Fed rate-cut hopes. A sustained rebound toward $3,200 hinges on renewed ETF inflows and clearer signals of US monetary easing.
Neutral
The report highlights a sharp 15% drop in Ethereum price to $2,625 and $1.33 billion in spot ETF outflows, underpinned by a strong USD Index—factors that weigh bearish in the short term. However, rising futures funding rates near 6% and increasing long exposure among top OKX traders signal bullish potential for a rebound toward $3,200. Mixed indicators of capital flight and long-bias funding lead to a neutral overall impact on ETH price.