🔻 $ETH Crashes 15%: Classic Bull Trap in Play? 💥

📉 After surging to $2,878, Ethereum has dropped nearly 15% in just 72 hours. Traders front-ran a breakout above $3K, but the move turned into a bull trap, with ETH now trading near $2,440.

💣 The market is deep in deleveraging mode, and ETH is leading the bleed. On June 11, Open Interest (OI) hit an all-time high of $41.45B, fueled by macro optimism and CPI relief. Binance OI alone surged 38% in five days.

⚠️ But as risk appetite flipped, overleveraged longs got liquidated. ETH’s OI has since fallen to $35.51B, with Ethereum absorbing 3x more impact than Bitcoin.

🐳 Still, not everyone’s panicking. On-chain data shows a whale scooping up 48,825 ETH (~$127M) at an avg. of $2,605, while retail continues to sell in fear.

📉 Despite this, ETH slipped 4.77% intraday, losing key support at $2.6K and wicking down to $2,440. Liquidity remains thin, and the next 48 hours will be critical for bulls to hold this line.

⚠️ Disclaimer:
This post is for informational purposes only and does not constitute financial advice or endorsement.