Ethereum’s Desperate Dance with $2,800 and BlackRock’s Sneaky Move 🤑📉

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Ether, that digital gremlin in a blockchain suit, has once again decided to play the “I’ll fall off a cliff and see if anyone notices” game. The US spot ETFs, which are basically crypto’s version of a library where everyone whispers about prices, just saw $79 million vanish into the ether (pun intended) on Dec 1. The price briefly lost its grip on the $2,800-$2,850 support level, which is about as stable as a teetering tower of Jenga blocks made of ice.

At the moment, ETH is trading around $2,800 with a market cap of $337.7 billion-because nothing says “financial stability” like a three-digit number followed by “billion.”

According to crypto oracle Ted (who claims to have a sixth sense for numbers, probably trained by a suspiciously timed caffeine IV drip), if ETH drops below $2,800, it might slide all the way to $2,500. But fear not! If it reclaims the $2,800 level, Ted says it’ll shoot back above $3,000. One assumes this is the crypto version of “buy the dip” but with more panic and less math.

$ETH has lost the $2,800-$2,850 support level.

If Ethereum doesn’t reclaim this soon, it could drop towards the $2,500 level.

A reclaim of the $2,800 level will send ETH above $3,000.

– Ted (@TedPillows) December 2, 2025

 

Open Interest Crash Signals a Wide Reset

Ethereum’s open interest (OI) on Binance has taken a nosedive from $12.6 billion in August to $6.2 billion-a 51% haircut in three months. It’s like the blockchain equivalent of a library losing half its books and blaming the mice.

Ethereum open interest by exchange | Source: CryptoQuant

ETH itself has dropped from its $4,830 peak to $2,800-a 43% plunge that would make even the most optimistic investor clutch their pearls. 🤯 While this drop looks dramatic, it’s only fallen below the previous peak of $7.7 billion. Traders are now playing “hide and seek” with their wallets, and liquidations are stacking up like a particularly aggressive game of Tetris.

CryptoQuant analyst Darkfost, who probably has a PhD in “reading tea leaves and candlestick charts,” suggests this OI crash might help clear out the “leverage zombies” and form a strong price bottom once the smoke clears. One can only hope it’s not another “bottom” that turns into a cliff.

Big Buyers Step In to Buy the ETH Dip

While retail traders are panicking like they’ve just realized their crypto wallet is a metaphor, institutions are calmly sipping tea and buying the dip. BlackRock, the financial giant with more letters in its name than sense, recently purchased $26.7 million worth of ETH. It’s the crypto equivalent of a knight in shining armor, except the armor is made of spreadsheets and the sword is an ETF.

$ETH ETF outflow of $79,000,000 🔴 yesterday.

BlackRock bought $26,700,000 in Ethereum.

– Ted (@TedPillows) December 2, 2025

Meanwhile, on-chain data from Lookonchain reveals that trader pension-usdt.eth (probably a bot in a disguise) shifted long after the dip, opening a 2x position on 20,000 ETH ($56 million). It’s the kind of move that makes you wonder if they’re playing chess or just very confident in their crystal ball.

$1M profit in just 1 hour!

Trader pension-usdt.eth opened a 2x short on 6,358 $ETH($18M) an hour ago – right before the market dropped – now sitting on an unrealized profit of $1M.

– Lookonchain (@lookonchain) December 1, 2025

 

This came shortly after the same trader made a million bucks in an hour by shorting ETH. Because nothing says “long-term strategy” like gambling with other people’s money and a calculator.

All this excitement is happening just before Ethereum’s Fusaka upgrade on Dec 3, which promises to increase blob space capacity and reduce transaction costs. One suspects it’s less of a technical upgrade and more of a “we’ll fix it in post” solution. 🛠️🧙‍♂️

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2025-12-02 14:43