Despite impressive inflows into Ethereum ETFs totaling $322 million, Ether's price dropped by 4% over a week, raising concerns about the potential for a rebound to $3,000. The declining demand for leveraged bullish positions in ETH futures indicates skepticism among traders regarding ETH's short-term prospects. The annualized funding rate for ETH perpetual futures has turned negative -2%, suggesting weak conviction at the current price of $2,400. Additionally, while options metrics show no intense demand for hedging, the delta skew remains neutral at -5% to 5%, hinting that traders are not overly bearish. Factors contributing to this cautious sentiment include recent price rejections and expectations of competition from potential altcoin ETFs. Overall, analysts maintain a bullish outlook on ETH’s fundamentals, yet marked caution prevails in market sentiment due to declining immediate price strength and market strategy shifts.

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