Ethereum Price Drops as Open Interest Hits Record High

Ethereum's price has been on a decline over the past month, dropping 12.5% in the last 30 days. This makes it the worst performer among the top five cryptocurrencies.

The current price is hovering just below $2,010, with a bearish trend line broken on the hourly chart. A clean break below $2,000 could lead to further losses, with key support levels at $1,965 and $1,920.

Historically, June has been a bad month for Ethereum, with losses in 7 out of the last 10 years. Analyst Ali Charts notes that ETH is approaching the bottom of its current channel near $1,825, which could offer a favorable risk-reward entry targeting $2,073 and $2,360 if the price holds above $1,750 on a daily close.

Despite the bearish trend, open interest in ETH futures has hit an all-time high of 15.98 million ETH on May 27, according to CoinGlass. This suggests that traders are actively positioning for a large move ahead.