# Ethereum slides 12% to $1,628 as open interest falls 25%

**Published:** 2026-06-18T10:52:12.242Z  
**Topic:** Ethereum  
**Sentiment:** neutral  
**Publisher:** TrendWatcher — https://www.trendwatcher.in/article/10db5353-09c1-43be-9e78-20d19a7a2af1

Ethereum drops 12% to $1,628, open interest down 25% since May and 480k ETH withdrawn from exchanges, putting $1,500 support under pressure.

Ethereum fell about 12% over the past week to roughly $1,628, while futures open interest shrank 25% since May and exchange reserves shed nearly 480,000 ETH, tightening on‑chain supply and leaving the $1,500 support level as the next decisive hurdle [1].

| At a glance | |
|---|---|
| Price | $1,628 (≈ 12% down 7‑day) |
| Open interest | –25% since May, $12.6 bn total |
| Exchange reserves | –480 k ETH withdrawn |
| Key level | $1,500 support; $1,700‑$1,850 rebound target |

## Derivatives reset and on‑chain flow  
Futures open interest fell from $16.6 bn in May to $12.6 bn, a 25% contraction that pushed activity on major platforms back to April‑2025 levels, indicating a large portion of leveraged positions has been cleared [1]. Gate.io saw the steepest drop, with its ETH open interest falling 45% to $2.68 bn, while Bybit’s figure settled near $805 m, both mirroring pre‑April levels [1]. Binance’s open interest held around $2.76 bn, but its funding rate turned negative (~‑0.0047), meaning short sellers are paying to keep positions, a sign of cautious sentiment that could flip if price stabilises [1].

On‑chain, the combined reserves of Binance, OKX, Gemini and Bitfinex fell by roughly 480 k ETH in a few days, with Binance’s balance slipping from 3.87 m to 3.65 m ETH, OKX dropping from 424 k to 336 k, and Gemini and Bitfinex each losing about 150 k ETH [1]. Lower exchange balances can reduce readily available supply, but the price remains under pressure as macro uncertainty looms.

## Market context and price outlook  
Ethereum’s price sits below its 20‑day, 50‑day, 100‑day and 200‑day EMAs, a pattern that points to continued weakness, while the daily RSI is near 25, a deeply oversold reading that historically accompanies heavy selling pressure [1]. The $1,500 line is the nearest technical support; a weekly close above it would preserve that zone, whereas a sustained break could shift focus to the $1,000 region [1]. A rebound toward $1,700‑$1,850 is plausible if the U.S. CPI report comes in softer than expected, easing risk‑off sentiment that has been heightened by recent strong jobs data and rising expectations of a Fed rate hike [1].

CoinDesk reported that on the same day ETH was trading around $1,750, with $390 m of ETH futures liquidated over two days, reinforcing the notion that leveraged longs are being flushed out across the market [2]. Put skews on ether options have strengthened, indicating that traders are paying premiums for downside protection, a further sign of bearish bias [2].

## What to watch
- A weekly close below $1,500, which could trigger a move toward the $1,000 support zone.  
- U.S. CPI release (date not specified) – a hotter print may push risk assets lower, while a softer figure could aid a rebound.  
- Changes in exchange reserves, especially any large inflows back to major platforms, which would increase immediate sell‑side supply.

The convergence of shrinking derivatives exposure, sizable ETH withdrawals from exchanges, and a fragile technical support level makes the $1,500 barrier a critical test for Ethereum’s near‑term trajectory. Whether the market holds above that line or slides lower will shape sentiment ahead of the upcoming CPI data.

## Sources
1. Invezz — [Ethereum open interest drops 25% as $1,500 support comes into focus](https://invezz.com/news/2026/06/10/ethereum-open-interest-drops-25-as-1500-support-comes-into-focus/)
2. CoinDesk — [Bitcoin steadies above $60,000 while derivatives send an unambiguous warning](https://www.coindesk.com/markets/2026/06/04/bitcoin-steadies-above-usd60-000-while-derivatives-send-an-unambiguous-warning)

---
Cite as: TrendWatcher, "Ethereum slides 12% to $1,628 as open interest falls 25%", https://www.trendwatcher.in/article/10db5353-09c1-43be-9e78-20d19a7a2af1