Ethereum traded under pressure in late Jan 2026 as onchain and derivatives data show leverage concentration rising while total open interest falls. Binance’s Estimated Leverage Ratio hit a record near 0.675 as total OI dropped to about $16.4B (lowest since November). The combination of higher leverage and declining participation increases liquidation risk; ETH is near $2,700 testing the 200‑day EMA with horizontal supports near $1,900 and $1,713.

Facts from the article: Binance’s Estimated Leverage Ratio climbed to a record ~0.675; total open interest fell to roughly $16.4B (lowest since November). The summary states declining OI plus rising leverage makes price action more fragile and prone to sharp liquidations. ETH is trading around $2,700 and testing the 200‑day EMA, with supports at ~$1,900 and $1,713.