Ethereum Open Interest Rises While ETH Price Drops to $2.8K: What Does This Mean?

Ethereum’s open interest rose $653 million after a price drop. Traders are turning back as ETH holds support, with indicators pointing to potential upside.

At the time of writing, ETH is trading around $2,800. The asset is down 8% in the last 24 hours but continues to rise slightly on the week.

Open interest rises after price decline

According to analyst Maartunn, open interest on ETH rose by $653.8 million, up 4%, shortly after the last dip. The price drop was accompanied by increased futures activity, indicating traders were returning quickly. This type of behavior is often seen during periods of volatility, when leverage is reintroduced to the market.

ETH Open Interest just gained +$653.8 million (+4.32%) after the recent dip 🎯

It looks like the gamblers are back for another round. pic.twitter.com/1ZPNs9y2RE

— Maartunn (@JA_Maartun) December 1, 2025

ETH’s trading volume supports this trend, with more than $23.8 billion recorded in the past 24 hours. Moreover, the asset may be approaching a technical turning point. Data from a weekly chart shared by Mister Crypto shows the Stochastic RSI moving towards its lower range. Historically, these conditions have been followed by price increases. Maartun commented,

“$ETH is very oversold. In the past we have always seen a jump from this level. History will repeat itself!”

Interestingly, the chart shows that previous readings at similar levels are in line with market reversals. The current situation appears to mirror previous cycles where oversold conditions were followed by recoveries, pointing to the possibility of a momentum shift.

ETH/BTC holds firm despite market pressure

While Bitcoin has retreated, ETH has remained stable against it. ETH/BTC is just above a support zone between 0.03150 and 0.03250 BTC. Analyst Michaël van de Poppe noted“$ETH is consolidating nicely…remaining flat against Bitcoin”, despite broader weakness.

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Volume remains steady and the pair remains above its 50-day moving average. Earlier this year, the price rose by more than 140% in the same area. Van de Poppe added: “Bitcoin and Ethereum’s lows are likely to outperform” if the current range remains valid.

Broader prospects and fair value estimation

Simon Kim, CEO of Hashed, has launched a dashboard that values ​​Ethereum using 12 different models, as previously reported. According to the dashboard, Ethereum’s fair value is estimated at $4,869. Based on the current market price, this indicates that the asset may be undervalued by more than 60%.

Meanwhile, the technical review of CryptoWZRD notes that Ethereum is trading just above key support. A move above $3,055 could open the way for bullish setups, while price action below that level could keep the market in a sideways range. They plan to monitor shorter time frames for potential near-term trading opportunities.