The recent sharp drop with falling open interest and high volume suggests possible capitulation, but there’s no sign yet of new buying.
The trend is still bearish unless the price climbs back above 3.40–3.50 with rising open interest.
For now:
If price rallies weakly toward 3.38–3.40 but open interest stays flat, consider shorting with a target near 3.28.
If price breaks above 3.40 with rising open interest and strong volume, you can look for a cautious long trade.
If the market is choppy with low volume, it’s best to stay out. This is a "wait for confirmation" situation — avoid guessing the bottom.