Ethereum · 2026-10-04
That day's view: On October 4, ETH opened at $2687.24 and closed at $2726.94, with an intraday high of $2739.50 and low of $2686.54, up 1.48% over 24 hours; trading volume of approximately 97,904 tokens dropped 61.9% below the 7-day average, hitting a one-week low with extremely compressed volume; the four-period funding rate started at 0.38%, dipped to 0.31% in the mid-session before surging to 0.98% at the close, with cold mid-session reversal + hot end-session rebound of 4.5x, consistent with State 5 funding rate compression in mid-to-late phases; open interest decreased from 2,316,864 to 2,287,297, down 1.28%, with price rising while open interest falling sharply, coinciding with the funding rate's late-session reversal to bullish—this signals (b)-squeeze mid-to-late phase with short-term buying absorption; retail long-short ratio dropped from 2.86 to 2.48, down 13.3%, while whale position ratio increased from 1.562 to 1.590, up 1.8%, but account ratio fell sharply from 1.601 to 1.331, down 16.9%—significant deleveraging evident; Fear & Greed Index at 65 cooled in sync with BTC, Greed territory persisting for 9 consecutive days, short-term sentiment stabilizing in tandem; comprehensive assessment: ETH absorbing short-term buying while deleveraging occurs, key levels at upper band 2740 and lower band 2680, watching October 13 CPI and October 28 FOMC.
Key Data
- ETH closing price: UTC 2026-10-04 00:00 reported $2687.24, UTC 2026-10-04 24:00 reported $2723.31, +1.48% within window
- Intraday range: High $2739.50 / Low $2686.54, range $52.96 (1.97%)
- 24-hour network-wide trading volume: 97,904 ETH (~$265M)
- Perpetual funding rate: 4-period average +0.00554% (10-04 00:00 +0.00380% / 10-04 08:00 +0.00546% / 10-04 16:00 +0.00307% / 10-05 00:00 +0.00982%)
- Active buy/sell ratio: 24-hour average 1.0539, latest 0.8801
- Long-short account ratio (retail): 24-hour average 2.7152, latest 2.4771
- Whale position long-short ratio: 24-hour average 1.5793, latest 1.5898
- Open interest (OI): 24h net -1.28%, currently 2,287,297 ETH
- Perpetual basis: Stable between -0.05% to +0.05% range
- Fear & Greed Index: 65 reported on 2026-10-04 (Neutral)
24H Session Recap
- Phase · Early (UTC 00-06): Opened $2687.24 → $2694.74, +0.28%, 6h volume 13,112 ETH
- Phase · Late morning (UTC 06-12): Opened $2694.74 → $2699.99, +0.19%, 6h volume 22,464 ETH
- Phase · Afternoon (UTC 12-18): Opened $2700.00 → $2702.14, +0.08%, 6h volume 21,889 ETH
- Phase · Closing (UTC 18-24): Opened $2702.14 → $2726.94, +0.92%, 6h volume 40,438 ETH
Upcoming Macro Calendar
- 🔴 2026-10-13 (Tue) · US September Consumer Price Index (CPI, YoY/MoM) · Impact: High
- 🟡 2026-10-15 (Thu) · US September Producer Price Index (PPI) · Impact: Medium
- 🟡 2026-10-23 (Fri) · BTC October Options Expiry (Deribit) · Impact: Medium
- 🔴 2026-10-28 (Wed) · Fed October Rate Decision · Impact: High
- 🔴 2026-10-29 (Thu) · Fed Chair Press Conference (Walsh) · Impact: High
Long-Short Game Theory
- Phase 3 (UTC 12-18) single-phase spike +0.08% + concentrated volume 21,889 ETH | Touched window low $2686.54, typical "selloff triggered by bearish catalyst" pattern
- OI 24h net -1.28% longs and shorts simultaneously deleveraging | OI net -29,567 ETH reduced, both sides actively reducing positions, typical deleveraging state
- Amplitude 1.97% high volatility reflecting intense long-short competition | 24h amplitude 1.97% hitting recent high, price volatility rising = position risk increasing
- Phase 4 (UTC 18-24) single-phase rebound +0.92% + volume 40,438 ETH | Touched window high $2739.50, typical "technical bounce after bearish catalyst" pattern
- Whale position long-short ratio 24h average 1.58 institutions mildly bullish | Whale L/S 24h average 1.58 / closing 1.59, showing institutions maintaining mildly bullish stance during window
- Close at $2726.94 holding $2686.54-$2739.50 range | 24h price held within window range, not breaking below lower band = short-term support valid