Ethereum’s Friday was not a correction. It was a clean-out. The price fell hard toward 2,510 USDC, and what followed was not a rebound, but a drift. A slow sideways lean with no conviction, no structure, no clear demand. Just a pause.
The numbers explain why. Over 13,000 ETH left the order book in the last day. Large buyers were present, but not in charge. Their orders were overwhelmed, their timing off. The flow was steady and relentless, especially after three in the morning. Sell pressure dominated, and it left a scar.
Momentum remains weak. The RSI sits in the lower thirties, not in a defiant reversal posture, but more like a body cooling down after collapse. MACD is still deep in the red. Even the faster indicators seem tired. This is not yet a setup for recovery. It feels more like a stage between two scenes.
The futures data offers no relief. Open interest is climbing, yet the short accounts remain in control. Longs are there, but they are not bold. They are reactionary. There is no sign of a short squeeze, and no one is running to front-run one. What we see instead is heavy exposure on the downside, held in place by a mix of conviction and apathy.
If Bitcoin drops further, ETH has no cushion. And if Bitcoin holds steady, Ethereum still has to earn its buyers back. Right now, the market does not reward hope. It observes it quietly, then steps aside.
