Ethereum is trading above the $2,300 level but has struggled to break higher as selling pressure from retail investors persists. While whales and companies such as BitMine continue to accumulate, retail investors are exiting through Binance, limiting upside. Market sentiment remains neutral and price has moved in a narrow range. Sell walls have formed above $2,330, while support is seen near $2,200. Open interest has declined, and Ethereum’s market share has slipped.

Ethereum futures open interest fell by $2 billion over the past week, signalling a sharp reduction in derivatives-market leverage. Despite holding around $2,300, open interest slipped to $12.4 billion and funding turned negative, with short positions making up 34 percent. Binance and Gate saw the biggest position unwinds. Concerns linked to the Kelp DAO hack added uncertainty. On-chain data also showed whale accumulation and more than 2.7 million ETH waiting for long-term staking.