Ethereum is facing selling pressure in both spot and derivatives markets, putting the $2,700 level to the test.

Cryptopolitan, a blockchain outlet, reported on Oct. 5 that Ethereum recently fell to $2,660 before rebounding to the $2,700 range. With selling pressure continuing, whether it can hold $2,700 has emerged as a key near-term issue.

In derivatives markets, open interest is rising again. Ethereum open interest briefly jumped to $19.9 billion on Oct. 2, the highest since November 2025. After liquidations, it recovered over the weekend to $18.7 billion from $18.0 billion. While it remains below levels seen before Oct. 10 last year, participation in derivatives trading has recently expanded again.

Ethereum has also improved against bitcoin. The ETH/BTC ratio, which fell to 0.019 BTC in April, has recovered to around 0.032 BTC.

Even with the price rebound, sellers remain in control. Binance's cumulative net taker volume (CVD) for Ethereum has been negative since August and dropped sharply on Oct. 2. That suggests market selling has outpaced buying, weighing on the price.

In spot markets, there was also news of whale selling. A whale that acquired Ethereum at $0.31 per coin in a past ICO sold 13,330 ETH from its holdings. An Ethereum-related sentiment index, however, stayed in the greed zone at 65 points, showing selling pressure alongside optimistic investor sentiment.

Positioning across exchanges is also a factor. Hyperliquid's Ethereum open interest stood at $3.3 billion, topping bitcoin at $3.24 billion. Binance's Ethereum open interest was larger at $9.4 billion, but as positions build on Hyperliquid as well, liquidation risks tied to price swings are coming into focus.

Hyperliquid's daily ETH/USD futures trading volume was $886 million, less than bitcoin futures at $2.0 billion. About 67 percent of Ethereum traders were estimated to hold long positions. Some whales and market makers, including Abraxas Capital, are maintaining large short positions and collecting funding fees.

With long and short positions facing off, the risk of liquidations in both directions is also rising. In the near term, the key question is whether Ethereum can hold $2,700 and, if the rebound continues, whether it can break above $2,800 and trigger short liquidations.