Despite a recent 5.2% drop in Ether (ETH) prices following disappointing US job market data, the cryptocurrency shows resilience, buoyed by strong on-chain activity and balanced options sentiment. The premium on ETH futures fell below a neutral level, signaling reduced interest in leveraged bullish positions, while Ethereum ETFs experienced net outflows totaling $505 million. Still, transaction counts rose by 32%, with active addresses increasing 7%, which contrasts starkly with declines seen in other blockchains like Solana and BNB Chain. Ethereum's total value locked increased by 12% to $97.4 billion, reflecting its ongoing dominance in the market. Although ETH options show cautious trader sentiment with a delta skew at 4%, there is no overpowering fear concerning the asset’s future, indicating potential for a price recovery. Broader concerns about global economic growth highlight uncertainty, yet Ethereum's robust on-chain metrics suggest that it remains well-positioned for potential bullish momentum. Overall, while the macro environment poses challenges, ETH's fundamentals appear strong.

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