Ethereum underperforms on risk-off and positioning

ETH is around $3,175, down 4.5%, lagging BTC as traders unwind leveraged longs and rotate out of higher-beta majors following bitcoin’s failed attempt to hold its pre-Fed breakout above $94K. Recent analysis cited by CoinDesk notes that market-maker retreat and soft liquidity have amplified ETH’s downside during macro-driven swings.