Ethereum · 2026-10-24

That day's trend: Neutral leaning bearish

That day's view: Today's view: ETH closed at 2359 on 10/24, down 1.21%, opening at 2388, with a high of 2390 and a low of 2282. Concentrated selling pressure in the afternoon drove a 1.80% plunge to the day's low, followed by a 1.53% rebound during the final six hours, the strongest performance among the four phases. Most of the losses were recovered, but the opening price was not reclaimed. Trading volume was 199840, down 12.0% from the 7-day average of 227088, indicating a full-day decline in participation. Funding: the funding rate flipped negative mid-session to -0.000339%, then turned positive at 0.003746% by the end, equivalent to 11.05 times the magnitude of the negative phase. Open interest: OI fell 1.91% to 2272222, reflecting deleveraging rather than fresh short entries. Market structure: the whale account long-short ratio rose 21.57%, far exceeding the 4.06% increase at the position level, while the retail long-short ratio rose 6.69%; the Fear & Greed Index increased from 50 to 51. The signal is classified as (b) the middle-to-late stage of a short squeeze. The funding rate turning positive, combined with an exceptionally strong closing taker buy/sell ratio of 1.9821, indicates powerful buying. However, account-level accumulation far exceeding position-level accumulation is a warning sign of a catching-the-falling-knife reversal. The net decline of 1.21% has not yet been repaired. Cross-asset conditions resemble a capital rotation day, with ETH attracting capital notably more strongly than BTC. Outlook: the 10/28 FOMC decision and 10/30 options expiry are the nearest-term variables. Resistance is 2390 and support is 2282. Watch for new longs catching the falling knife to select direction around the interest rate decision.

Key Data

ETH closing price: UTC 2026-10-24 00:00 at $2387.61 and UTC 2026-10-24 24:00 at $2356.00, -1.21% over the window
Intraday range: high $2390.24 / low $2282.46, range $107.78 (4.51%)
24-hour network-wide trading volume: 199,840 ETH (approximately $467 million)
Perpetual futures funding rate: four-period average +0.00210% (10-24 00:00 +0.00157% / 10-24 08:00 +0.00343% / 10-24 16:00 -0.00034% / 10-25 00:00 +0.00375%)
Taker buy/sell ratio: 24-hour average 1.0420, latest 1.9821
Long-short account ratio (retail): 24-hour average 3.2292, latest 3.3879
Whale position long-short ratio: 24-hour average 1.6224, latest 1.7106
Open Interest (OI): 24h net change -1.91%, currently 2,272,222 ETH
Perpetual futures basis: stable within the -0.05% to +0.05% range
Fear & Greed Index: 51 on 2026-10-24 (Neutral)

24H Market Review

Phase 1 - Early Session (UTC 00-06): open $2387.61 → $2378.00, -0.40%, 6h volume 21,723 ETH.
Phase 2 - Early Afternoon (UTC 06-12): open $2378.01 → $2365.74, -0.52%, 6h volume 24,151 ETH.
Phase 3 - Afternoon (UTC 12-18): open $2365.73 → $2323.25, -1.80%, 6h volume 120,674 ETH.
Phase 4 - Closing Session (UTC 18-24): open $2323.24 → $2358.82, +1.53%, 6h volume 33,292 ETH.

Upcoming Macro Calendar

🔴 2026-10-28 (Wednesday) · Fed October interest rate decision · Impact: High
🔴 2026-10-28 (Wednesday) · Fed Chair press conference (Warsh) · Impact: High
🔴 2026-10-30 (Friday) · BTC October options expiry (Deribit) · Impact: High
🟡 2026-11-02 (Monday) · US October ISM Manufacturing Index · Impact: Medium
🟡 2026-11-04 (Wednesday) · US October ISM Services Index · Impact: Medium
🔴 2026-11-06 (Friday) · US October Nonfarm Payrolls Report (NFP) · Impact: High
🔴 2026-11-10 (Tuesday) · US October Consumer Price Index (CPI, year-over-year/month-over-month) · Impact: High
🟡 2026-11-13 (Friday) · US October Producer Price Index (PPI) · Impact: Medium

Long-Short Dynamics

Phase 3 (UTC 12-18) saw a sharp single-phase decline of -1.80% on concentrated volume of 120,674 ETH | Reached the window low of $2282.46, a typical pattern of concentrated selling triggered by a bearish event
OI recorded a 24h net change of -1.91%, with longs and shorts deleveraging simultaneously | Net OI fell by 44,310 ETH as both sides actively reduced positions, a typical deleveraging state
The 4.51% range reflects intense long-short competition | The 24h range of 4.51% reached a recent high, indicating rising price volatility and increased position risk
Phase 4 (UTC 18-24) produced a single-phase rebound of +1.53% on 33,292 ETH in volume | Reached the window high of $2390.24, a typical technical rebound following a bearish event
The whale position long-short ratio averaged 1.62 over 24h, indicating mild institutional bullishness | The whale L/S ratio averaged 1.62 over 24h and reached 1.71 at the close, showing that institutions maintained a mildly bullish stance throughout the window
The closing taker buy/sell ratio of 1.9821 exceeded 1.0, confirming the return of buying | Taker buying returned at the close, indicating market support around $2282.46