ETH Bounce to $2,468: 5K-ETH Short Wiped, Liq 81% Shorts

ETH Holds $2,412 as Longs Get Flushed

ETH followed BTC lower during the $81.3K rejection and touched a 24-hour low of $2,412 on Binance ($2,413.56 on OKX). Sellers controlled most of the day and leveraged longs took the damage. In the past 24 hours ETH saw $81.4M in total liquidations, of which $64.6M, or 79%, were long positions. That is a standard flush: price fell, leveraged bulls got stopped out, and funding stayed slightly positive at 0.01% on Binance.

The Last Hour Flipped: Shorts Paying 81%

Buyers stepped in near $2,412 and ETH bounced back to $2,468 on both Binance and OKX, a recovery of about 2.3% from the low. The market-wide picture for the last hour is the mirror image of the 24-hour one. Of the $3.31M liquidated in the past hour, $2.7M, or 81%, were shorts. The most visible single print was on OKX: a 5,000 ether short position was liquidated at $2,464.37, worth $1.23M. When a flush clears weak longs first and then starts stopping out fresh shorts, the leverage reset is working in both directions.

Open Interest Is Rebuilding, Not Shrinking

What stands out is that ether open interest did not collapse during the dip. Total OI is $24.9B, up 0.83% over 24 hours. Binance added 2.07% and OKX 2.52% while the price bounced. Higher OI combined with a positive but low funding rate (OKX at 0.007%) points to new positioning entering after old leveraged longs were cleared, rather than a pure short squeeze driven by funding payments.

What to Watch at $2,475

The immediate resistance is the 24-hour high zone around $2,475 (Binance $2,474.87, OKX $2,474.75). If ETH reclaims that level and holds, shorts stay vulnerable and the short-heavy hourly liquidation pattern can extend. If the bounce fails there and OI starts to fall, treat the move as a lever reset, not a trend change. Funding is the tell: a sustained rise above 0.02% would mean longs are piling back in, and the next flush would land on the long side again.

Data as of 02:50 Beijing time on August 27, covering Binance, OKX, Bybit, Hyperliquid, Gate, Bitget and other major exchanges.