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Ethereum derivatives activity cooled on Binance as ETH again tested the $2,450 resistance area, according to CryptoQuant charts shared on X. The data showed Binance’s Estimated Leverage Ratio falling sharply to 0.57 from a recent peak near 0.76. At the same time, funding rates remained mixed, indicating a market with reduced leverage while still reacting to short-term price moves.
CryptoQuant’s first chart tracked Ethereum’s Estimated Leverage Ratio on Binance alongside ETH’s dollar price. The leverage ratio rose sharply in March and reached about 0.76. After that peak, the ratio started moving lower. By early May, the chart showed the indicator near 0.57, marking a clear decline from the March high.
This drop came as ETH traded around the $2,300 level on the chart. The price line also showed Ethereum recovering from the lower range seen in February. The chart placed ETH near the $2,450 resistance area highlighted in CryptoQuant’s X post. That level remained important as ETH was again trying to move beyond its recent trading range.
According to the CryptoQuant post, lower leverage tends to stabilize the market. The post linked that change to Ethereum’s attempt to break out of its range.
The second chart showed Ethereum funding rates on Binance. The bars moved between positive and negative readings across the same period. In January, the chart showed many positive funding-rate bars. During that stretch, ETH traded above $3,000 before the price started falling later in the month.
Funding rates turned more negative after the late-January price decline. Red bars became more frequent through February and parts of March. As ETH recovered from February lows, funding rates still moved unevenly. Some sessions showed positive rates, while others moved back below zero.
By April and early May, the chart showed another mixed phase. Positive spikes appeared, but several negative bars also remained visible.
This pattern showed that traders did not hold one clear funding direction throughout the recovery. Instead, positioning shifted as ETH moved between lower prices and resistance tests.
The two charts together showed a calmer derivatives setup than the earlier March period. Leverage dropped, while funding rates stayed uneven rather than showing constant aggressive long-term demand.
ETH’s price line showed a fall from above $3,000 in January to below $2,000 in February. After that, the asset moved higher and reached the $2,300 area by early May.
The latest chart area showed ETH holding near that zone while Binance leverage remained lower. This came as CryptoQuant described derivatives activity as cooling ahead of a potential breakout.
Read More: Ethereum Rejected at $2.4K: Is More Downside Coming?
The lower Estimated Leverage Ratio suggested fewer leveraged positions on Binance compared with March. That change matters since heavy leverage can increase sharp moves during price swings.
Still, the funding-rate chart showed traders remained active. Green and red bars continued to appear, showing changing demand between long and short positioning.
For now, the available CryptoQuant data points to a market with reduced leverage, mixed funding, and ETH testing resistance near $2,450.
Ethereum leverage on Binance dropped to 0.57 as ETH tested the $2,450 resistance zone. Funding rates remained mixed, showing uneven trader positioning. The cooler derivatives setup may support a steadier market as traders watch whether ETH can break above its current range.
