During the New York session pullback, Ethereum spotted approximately 27,000 net taker sells on the spot market. What's noteworthy is the absence of meaningful aggressive spot buying to absorb this selling pressure.

On the macro side, open interest continues to unwind gradually. The funding rate remains hovering just above the neutral zone—neither strongly positive nor negative, which typically suggests a balanced but cautious market structure.

The overall picture looks cautious. The combination of sustained spot selling, declining OI, and neutral funding could indicate genuine profit-taking. That said, there's always the possibility this turns out to be just another exit rally before the next leg up. The next few sessions will be crucial to confirm which scenario plays out.