$ETH borrow leverage to feed shorts; retail investors are fueling the pros. — At the contract-end, margin lending surged 1592% in just 12 hours; spot longs’ leverage is driven up to 6.9; positions accumulate a further 1.74% within a day, yet the price is pinned below the 20/50 double moving-average support. The MACD bearish side is firmly pressing. On a bounce to 1925, go short directly; the first target is 1847 (7-day low). Set stop-loss at 2005 to take the structure off; if it breaks down, expect a slow grind lower.