Ethereum leverage wipeout sparks hopes for cleaner ETH rally
Ethereum (ETH) is seeing a fresh leverage reset as open interest drops across major derivatives exchanges.
- Ethereum’s 30-day open interest change has returned near levels last seen in April 2025.
- Gate.io led the leverage flush with a 30-day open interest change of about -461,000 ETH.
- Binance also saw lower ETH exposure as SuperTrend flashed its first buy signal since last May.
CryptoQuant analyst Amr Taha said the 30-day open interest change has returned close to levels last seen during the April 2025 reset phase.
The move shows that traders have reduced leveraged exposure in the Ethereum market. Lower open interest can reduce forced-position pressure and create a cleaner setup for ETH’s next major move.
Gate.io leads the open interest decline
Gate.io recorded the sharpest contraction in Ethereum open interest. According to Taha, Gate.io posted a 30-day open interest change of about -461,000 ETH on April 21, 2026.
That reading came close to the April 27, 2025 low, when Gate.io’s 30-day open interest change fell to nearly -654,500 ETH. The latest drop shows that leverage has left the market at a fast pace.
Moreover, Binance also recorded a clear reduction in Ethereum derivatives exposure. On April 27, 2026, Binance posted a 30-day open interest change of around -81,200 ETH.
While Gate.io showed the larger decline, Binance confirmed that the reset spread across more than one exchange. This matters because broad leverage cuts can lower liquidation risk and reduce crowded trading conditions.
ETH price holds weekly gain
Accoridng to crypto.news data, Ethereum traded at $2,318.60 at press time, with 24-hour volume of about $14.05 billion. ETH fell 0.47% in the past 24 hours but remained up 2.04% over the past seven days.
With a circulating supply of 120 million ETH, Ethereum held a market cap of about $279.69 billion. The price action shows that ETH has stayed firm on a weekly basis despite the latest daily pullback.
Just 2 days ago, market analyst Ali Charts said momentum has started shifting back toward Ethereum bulls. He noted that the SuperTrend indicator flashed a buy signal for ETH for the first time since May last year.
The signal does not confirm a guaranteed rally. However, it adds to the current market picture, where leverage has cooled and traders are watching whether ETH can build a stronger upward trend.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
