ETH funding flips negative as $480M in liquidations test bulls near $2,900 support

Ether price recently endured a three-day 13.8% pullback that pushed it back to the $2,900 support area and triggered $480 million in leveraged long liquidations. Although ETH later reclaimed $3,000 after U.S. President Donald Trump scrapped planned tariff hikes on several EU countries, derivatives data show a negative funding rate and a sharp rise in downside option premiums. Combined with sizable spot ETF outflows and weaker onchain activity versus rivals, these signals suggest limited conviction for a strong near-term rally.