Ethereum Trades Below $2,450 as Binance Leverage Ratio Drops From 0.76 to 0.57

Ethereum remains capped below $2,450 after trading in a $2,250–$2,450 range for close to a month following a 33% rebound from February lows. During that rally, open interest rose by about $4.5 billion while funding rates stayed mostly negative, suggesting many derivatives traders kept bearish exposure. Analyst Darkfost says Binance's estimated leverage ratio falling from 0.76 to 0.57 may reduce fragility, but a breakout likely requires stronger spot demand.