The futures market for Ether (ETH) is currently under pressure as open interest has sharply decreased, highlighting a potential challenge for the $1,500 support level. Recent data indicates that Ether's open interest across various exchanges has plummeted by 25%, down to $12.6 billion from $16.6 billion in May, marking a significant decline.
Gate.io experienced the most substantial drop, where open interest fell by 45%, dropping from $4.84 billion on May 7 to $2.68 billion on June 9, aligning with levels last seen in April 2025. Additionally, around 480,000 ETH have exited major exchanges such as Binance, OKX, Gemini, and Bitfinex, further tightening the available supply.
In contrast, Binance's open interest remains relatively stable at approximately $2.76 billion, despite negative funding rates indicating a cautious market sentiment among traders. The varying trends across exchanges signal a significant shift in leverage, with some analysts warning that without a rebound, a decline to $1,000 could be on the horizon.