Ethereum's price slid 3% on the day, pushing the asset below all its major moving averages. But behind the bearish price action, derivatives data tells a different story: a big chunk of leveraged whales are still betting on a recovery.
Whale positioning bucks the trend
According to exchange data, 74.6% of whales — traders with large positions — are long on Ethereum. That's a surprisingly high ratio for a day when ETH is bleeding value. The longs suggest that big money isn't running for the exits yet, even as the broader market mood sours.
Open interest climbs during the sell-off
Open interest in Ethereum derivatives jumped 4.15% during the price drop. More contracts are being opened, not closed, which means traders are adding exposure rather than liquidating. The combination of falling price and rising open interest often points to a tug-of-war between bulls and bears.
The $1,750 pivot
The $1,750 level is being watched as a key pivot for Ethereum. Analysts (the market, not named sources) say holding above that zone could give bulls a foothold. Right now, ETH is hovering near that mark, and how it reacts there will likely set the tone for the next few sessions.
Smart money loads at $1,734
At the same time, so-called smart money appears to be accumulating near $1,734. The price level matches the one cited in trading chatter as a zone where institutional or well-informed traders are placing bids. Whether that support holds against the broader selling pressure is the open question.
For now, the market is watching whether the $1,750 pivot can keep Ethereum from sliding further — or whether the whale longs get trapped if the selling accelerates.
