Ethereum Faces Pressure as Futures Open Interest Drops and Traders Watch Key $1,500 Support Level

Ethereum is facing growing pressure after a sharp decline in futures market activity across major crypto exchanges. Recent data shows total Ether futures open interest has fallen by approximately 25%, dropping from $16.6 billion in May to $12.6 billion. The decline reflects a significant reduction in leveraged trading positions as market sentiment weakens.

Ether open interest falling 45% from $4.84 billion to $2.68 billion. Bybit also experienced a similar decline, with open interest returning to levels last seen in April 2025. Binance remains an exception, holding near $2.76 billion in open interest, although negative funding rates suggest traders are increasingly betting on downside risk.

While futures activity has cooled, exchange reserves have also fallen sharply. More than 480,000 ETH has left Binance, OKX, Gemini and Bitfinex in recent days. Binance alone saw reserves decline from 3.87 million ETH to 3.65 million ETH, while OKX recorded one of the largest percentage drops.

Lower exchange balances can reduce available selling supply if buying demand returns, potentially supporting prices during periods of market recovery.

$1,500 Support Becomes Critical for Ethereum

Market analysts are closely monitoring the $1,500 price level, which is viewed as a major long-term support zone. According to onchain data, only 11% of Ethereum’s total supply is currently sitting at gains of three times or more, the lowest reading since early 2017, highlighting weak investor profitability.

Some analysts believe a weekly close above $1,500 would preserve Ethereum’s long-term market structure. However, a decisive break below that level could increase the risk of a deeper decline toward the next major support area near $1,000, making the coming weeks especially important for ETH traders and investors.