Ethereum’s sharp 15% fall: Is this a classic bull trap in play?

On June 11, Ethereum’s Open Interest hit 41.45 billion USD, indicating excessive leverage in the market, resulting in a rapid 15% drop to 2,440 USD amid liquidation.

Despite the drop, a significant whale purchased 48,825 ETH, worth 127 million USD. The coming 48 hours are critical as Ethereum’s price teeters on the edge of 2,400 USD support.