Ethereum has been trading around $1,920 after falling below its cost basis of $2.3k, with sellers maintaining the upper hand in the market. Exchange reserves dropped from 5 million to 3.8 million ETH, signaling accumulation and reduced selling pressure. New smart contract deployment surged 190% and median tips rose 86% over the past week, indicating genuine on-chain demand. Funding rates cooled on Binance and Open Interest fell from $15.06 billion to $11.85 billion, with leverage remaining subdued.
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