Ethereum open interest spikes to six‑year high as price hovers near

Ethereum’s derivatives market saw a rare surge on May 28, with open interest rising by roughly 503,800 ETH—about $1 billion in notional value—marking the biggest single‑day increase on Binance since May 2019 [1]. At the same time, ETH price fell from a May high near $2,400 to trade below its 50‑, 100‑ and 200‑day moving averages, hovering around $1,990 [1].

Key takeaways

• Binance added 336,000 ETH of open interest, the largest 30‑day expansion since May 2019 [1].
• Combined open interest growth across Binance, OKX, Bybit and Deribit reached approximately 503,800 ETH, close to $1 billion in notional exposure [1].
• Aggressive net taker selling on Binance totaled about –$744 million, the deepest negative reading since April 6, 2026, indicating strong sell pressure despite the leverage build [1].
• ETH price sits near $2,000, below its 50‑, 100‑ and 200‑day moving averages, with immediate support around $1,950‑$2,000 and a stronger demand zone at $1,800‑$1,900 [1].
• Technical indicators show a neutral RSI (48.1) and a bearish MACD histogram, while Bollinger Bands place price in the lower half of the channel [2].

Record‑setting open interest and concurrent sell pressure

On May 28, Binance’s open interest jumped by 336,000 ETH, a level not seen on the exchange since May 2019, while the price of Ethereum was near $1,990 [1]. The surge was mirrored by other major venues: OKX added 106,500 ETH, Bybit 34,600 ETH, and Deribit 26,700 ETH, together contributing roughly 503,800 ETH of new exposure in a single session [1]. This concentration of leverage around the $2,000 psychological barrier is unusual, according to CryptoQuant data, and suggests market participants are positioning for a decisive move rather than drifting passively.

However, the open interest expansion coincided with heavy net taker selling on Binance, amounting to approximately –$744 million—the deepest negative net volume since early April 2026 [1]. Such sell pressure creates a “fragile structure,” where the typical bullish signal of rising open interest is offset by aggressive downside trading. Historical precedents show mixed outcomes: some spikes preceded sharp declines, while others fueled rebounds when short sellers ran out of liquidity [1].

Technical backdrop and price outlook

Ethereum’s price action reflects a broader bearish shift. The asset has broken below its 50‑, 100‑ and 200‑day moving averages, indicating loss of momentum after a decline from the $2,400 peak earlier in May [1]. Immediate support lies between $1,950 and $2,000, with a secondary demand zone at $1,800‑$1,900. Volume has remained relatively stable, suggesting controlled selling rather than panic liquidation [1].

Complementary technical data from Entropikaizen shows the RSI at 48.1, placing the market in a neutral zone between overbought and oversold conditions [2]. The MACD reads –45.99 with a negative histogram, reinforcing bearish momentum, while Bollinger Bands position the price in the lower half of the channel, consistent with the observed downside bias [2].