Ethereum Price Reclaims 200-Day EMA as Leverage Hits Five-Month High

Binance’s Ethereum leverage ratio reached 0.162, its highest level in five months. Ethereum’s latest rally looks encouraging. But the derivatives market is flashing a warning that traders shouldn’t ignore. ETH has climbed back above its 200-day EMA band, recovering from below $2,200 in late October to approximately $2,430, marking an 11% rise. The recovery puts higher price targets back on the table. However, rising leverage could make the next move considerably more volatile. With Ethereum back above its 200-day EMA, bulls have an opportunity to extend the recovery.