Ether price demonstrates resilience with strong onchain activity despite a wider crypto market sell-off. ETH fell 5.2% after negative US job market data caused investor concern, leading to $90 million in liquidations of leveraged bullish positions. However, there are signs that ETH could regain bullish momentum, supported by healthy onchain metrics and moderate options sentiment. Transaction counts on the Ethereum network surged by 32% over the past month, and its total value locked (TVL) increased to $97.4 billion. Nevertheless, traders remain cautious, indicated by a drop in ETH’s premium in derivatives markets and net outflows from Ethereum ETFs. ETH options skew is neutral, showing no elevated fear, but demand for bullish options has not increased significantly. Tether is trading at a slight discount against the yuan, signaling moderate selling pressure. Despite macroeconomic uncertainties and a rise in US unemployment to 4.3%, ETH's underlying fundamentals suggest it is well-positioned for a potential recovery.

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