Ethereum (ETH) faced challenges in reclaiming the $2,600 mark despite a 9% rally, attributed to a bullish technical formation known as a 'golden cross.' This pattern generally indicates a potential price increase; however, futures and options data reveal low confidence among traders. The current Ether futures premium is below the 5% neutral threshold, suggesting a lack of demand for leveraged long positions. Moreover, the recent launch of a Solana ETF has heightened competition for ETH as it reduced Ethereum's leadership among altcoins. Additionally, Ethereum's layer-2 growth has not translated into increased demand for ETH, as rollups incur low fees which do not create meaningful demand for the asset. The options delta skew remains at 1%, reflecting equal expectations for future price moves, reinforcing skepticism about ETH's ability to exceed the $3,200 threshold. Investors express concerns that without additional incentives like embedded staking, ETH may struggle to sustain its price rally in the near term.

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