Ethereum’s Market Resets: Support Stays Strong Amidst Reduced Leverage

Ethereum’s price has encountered a cooldown as traders reduce leverage following recent volatility. Funding levels have stabilized, reflecting cautious market positioning near crucial support. 24-hour liquidations revealed significant shifts in long positions, leading to an overall reduction in open interest. Spot trading activity has picked up as the asset hovers near key support around $2,900-$3,000, signaling a wait-and-see approach for price direction.