Ethereum perpetual funding rates have cooled from 0.07% to just 0.01% over 48 hours, as over-leveraged longs were flushed during a brief $3,150→$2,980 correction. This flush has historically preceded strong continuation moves in ETH. OI dropped $620M but is already recovering.
Deribit put/call ratio also fell to 0.62 — options market pricing in more upside than downside from current levels.