Ethereum whales defend $2,796 realized price; leverage ratio hits 2.964

Since 21 November, Ethereum whales accumulated 4.8 million ETH, lifting their holdings from 22.4 million to 27.2 million and defending a $2,796 realized price level. ETH dominance recovered from 11.5% toward ~13% while price moved between $3k and $3.5k. Estimated leverage ratio reached 2.964, leaving ETH sensitive to de‑leveraging if flows stay BTC‑heavy.