Ethereum traders are increasingly turning to leverage, with the futures-to-spot ratio on Binance rising to 6.84, the highest in Q4. This shift indicates a preference for leveraged exposure over spot accumulation, as traders anticipate potential volatility or catalysts for ETH. Compared to Bitcoin and Solana, which have lower futures-to-spot ratios, Ethereum is positioned as the most aggressively traded large-cap asset. On-chain data shows a decline in Bitcoin's open interest, while Ethereum's remains stable, suggesting a rotation of risk capital from BTC to ETH. Analysts are divided on Ethereum's next move, with some predicting a breakout if the $3,000 level becomes support, potentially pushing prices toward $3,390. However, others caution that failure to maintain this support could lead to further downside.