Ethereum (ETH) is trading at $2,330 at press time, with a 24-hour range between $2,320 and $2,380. The asset remains trapped below the $2,450 area, which traders have watched as the top of its recent range. Since rebounding from a February low, ETH has moved between $2,250 and $2,450 for nearly a month, leaving the market to question whether the recovery has enough demand to continue.
Derivatives data offers a mixed picture.
Binance Leverage Ratio Cools: De-Risking or Healthy Reset?
CryptoQuant analyst Darkfost said Ethereum's open interest rose by about $4.5 billion during the prior rally, linked to a return of derivatives activity after ETH's sharp move from the February bottom. However, the estimated leverage ratio on Binance fell from a March peak of 0.76 to 0.37 as price tested resistance again. Darkfost wrote that the reset is “not necessarily a bearish signal,” but that view depends on whether spot buyers step in.
Lower leverage can reduce forced liquidations and make price action less volatile. It can also show that traders are closing short-term bets after a failed breakout attempt or a sharp rally.
Analysts Split: Historical Pattern vs. Whale Control
Crypto Patel pointed to Ethereum's quarterly history and said ETH has never closed three straight quarters in the red. He argued that “history says what comes next… a strong reversal.” That claim is based on past price behavior, not a confirmed signal.
Another trader, CW, said ETH saw sharp volatility on low volume and claimed whales were “in complete control of the market.” That view remains hard to prove from public price action alone, but it shows how traders are reading the recent moves.
Without a clear influx of spot demand, whether ETH can decisively clear $2,450 remains uncertain. The market is waiting for the next catalyst — macro data, on-chain activity, or large position shifts — to tip the balance.