Overview
- Ethereum is struggling to clear $2,320 and is trading below the 100‑hour average as short‑term momentum softens.
- CryptoQuant analyst MorenoDV reports a sharp split in leverage, with OKX near a 5.6x ratio and Binance under 1.
- That ratio compares open derivatives bets to the coins an exchange holds, so a higher reading means less cushion before forced selling kicks in.
- OKX’s on‑exchange ETH has fallen to about 152,600 since last year, while Binance holds roughly 3.8 million, leaving OKX with a thinner buffer during swings.
- Large holders have set sell walls near $2,320 and $2,400, creating overhead supply that has capped recent rebound attempts.