Ethereum (ETH) fell by more than 3% to below $2,700 on Thursday as cryptocurrency traders took profits following the market's recent advance. The pullback came after ETH encountered resistance around $2,786. Although its daily price structure remains broadly constructive, derivatives participation and mainnet activity have not increased as quickly as the price. That divergence presents a mixed outlook. Cautious leveraged positioning may indicate that traders lack conviction in the rally, but it also reduces signs of excessive speculation and leaves room for open interest to expand if demand strengthens. Ethereum Open Interest dips below $35 billion Ethereum-denominated open interest has remained relatively stable since the short squeeze recorded in late August.