Ethereum Price at Risk of Breakdown as Leverage Remains High

Ethereum's price is hovering near the crucial $2,000 level, with technical indicators and market data pointing to a fragile short-term setup.

The token has been struggling to regain strength after recent declines, with buyers failing to push it back above the higher range. The Ethereum price remains under pressure near the $2,000 mark, with weak momentum and high leverage contributing to the uncertainty.

According to CryptoQuant analyst PelinayPA, the market structure still looks weak, with lower highs, falling volume since mid-May, and an elevated estimated leverage ratio near 0.74. This setup makes the market more exposed to sharp moves, especially when spot demand stays weak.