Ethereum: Why ETH’s $2K breakout could hinge on ONE missing signal

Ethereum's rally is backed by strong on-chain activity and growing developer adoption, with record-high weekly transactions and low fees. However, rising leverage and weak spot demand could make a breakout above $2,000 fragile. Ethereum's Perp Futures-to-spot Volume Gap on Binance remains elevated, indicating leveraged activity outpaces spot demand.