Ethereum is trading above $2,150 after pulling back from $2,380. Derivatives data from CryptoQuant shows a significant increase in leverage on Binance, with over 75% of ETH exposure now leveraged. Binance's dominance in leveraged trading suggests that price movements are increasingly driven by derivatives activity, not organic spot demand.
Ethereum's daily chart shows it struggling to recover after breaking below key support levels. Price hovers around $2,150-$2,200, forming a base between $1,900 and $2,200. For a sustained recovery, Ethereum needs to reclaim the $2,300-$2,500 zone.
