$ETH According to Lookonchain, Ethereum's current price drop below $1,800 has triggered the liquidation of a whale who had 67,675 ETH valued at $121.8 million. Despite the efforts to prevent liquidation by adding 2,000 ETH ($3.73M) and repaying 1.54 million DAI, the price still dropped below the level of $1,836.43.

Additionally, open interest in USD per exchange for ETH followed a similar pattern. It surged from mid-October, peaked in December, and then declined alongside Ethereum’s price. By March 12, open interest had fallen to around $3.51 billion, signifying reduced market engagement. Total open interest in USD also mirrored these fluctuations, reaching approximately $7.77 billion on the same date.

Hence, the correlation between ETH price and open interest is apparent. The rising price led to higher open interest, reflecting high trading activity. However, the falling price led to a drop in open interest, signaling declining trader interest. The market volatility between December 2024 and March 2025 fueled this trend, reducing open interest.