Latest data from CryptoQuant, shared by analyst Crypto Rover, reveals that Ethereum’s open interest, the total value of outstanding futures and perpetual contracts, has dropped back to the same level it held right before the last major price breakout earlier this year.
Historically, such resets in open interest have preceded powerful upward moves, as they often clear excess leverage from the market. The current figure, around $19.4 billion, mirrors the setup seen in June, just before Ethereum launched into a multi-month rally that pushed prices above $4,800.
At present, Ethereum trades near $3,870, with open interest declining sharply from its September peak. This reduction typically signals that speculative positions have been flushed out, creating conditions for a healthier recovery if fresh demand returns.
Analysts note that while a drop in open interest can sometimes precede short-term volatility, it also tends to reset market structure for the next leg upward. If Ethereum follows the same pattern as earlier this year, this consolidation phase could serve as the launchpad for the next major rally.