Ethereum has retraced below the $3,200 level following the Federal Reserve’s decision to cut interest rates by 25 basis points, a move that initially boosted risk assets but quickly shifted market sentiment into uncertainty. While the broader macro backdrop now leans toward looser monetary conditions, Ethereum’s reaction suggests that traders remain cautious, especially after the sharp rally from the $2,800 region earlier this month.

According to fresh data from CryptoQuant, Binance’s Ethereum Estimated Leverage Ratio has climbed to an all-time high of nearly 0.579. This signals that the ETH market has entered a highly sensitive and potentially unstable phase, as open leveraged positions have grown faster than the underlying spot holdings on the exchange. Such extreme leverage typically

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