we have made W5500 custom board and SPI works fine. But when I kept chip in listen mode and Ethernet cable is connected but Link LED not establishing. I even checked the Sn_SR Register and the response I got as chip is in Listen Mode.
Only two times I saw the Link LED was glowing and after that never glowed Link LED.
Is there any time delay required to establish Link LED?
Seems to be exact copy of reference schematic, except R2 which must not make a difference. Don’t you accidentally have PHY disabled through PHYCFGR? Try playing with its contents to see if there’s any change.
LSB of 0 suggests that there’s really no physical link.
There were people changing 33 to 0, but if I recall properly it was not that bad as you describe. But anyway it is a good idea to change them to 0 (shorts) as a test. Also examine board with magnifier to ensure it has no assembly issues.