Ethereum Faces More Losses as Spot Demand Weakens

Binance ETH reserves fell to 3.47 million, an 11.5% decline from August’s 3.92 million, as withdrawals exceeded 320,000 transactions on Oct. 6. Ted Pillows highlights $5 billion in ETH short positions versus $1.53 billion in longs, while weakening spot demand raises correction risks. ETH recovered toward $2,500 after falling to 2,420–2,450, with support near $2,450 and resistance at $2,600 and $2,700. Ethereum faces further correction risks as weakening spot demand offsets falling exchange reserves and heavy short positioning, according to analysts Ted Pillows and Darkfost.

Source: Crypto Front News