Ether price recently jumped 17% to $2,470 after a geopolitical ceasefire influenced investor sentiment, despite signs of weak bullish conviction among traders. Futures and options data indicate hesitance, with the annualized premium slipping to a bearish level. Analysts noted concerns surrounding Ether's $293 billion market cap compared to its modest $41 million monthly network fees, raising doubts about its sustainability. The network is experiencing a decline in major activity relative to its total value locked, with fees nearly matching that of Solana, which has a much smaller TVL. Consequently, investor confidence is waning, especially with competing cryptocurrencies like Solana and BNB Chain gaining traction. For a bullish turn, Ethereum must establish a competitive edge or achieve network dominance to overcome the current resistance and surpass the $3,000 mark. This article does not constitute financial advice and reflects the author's views.

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