Despite a 56.5% surge in Ether price over the past month, traders remain cautious about Ethereum derivatives, reflecting anxiety due to a psychological resistance around the $3,800 mark. Recent data shows an 11% decline in Ethereum's total value locked (TVL), falling to a five-month low, while competitors Solana and BNB Chain have seen increased activity. Ethereum’s DEX volume has also dropped, ranking lower than its rivals. Meanwhile, ETH's annualized funding rate for perpetual futures has declined, indicating lower demand for bullish positions. The ETH futures market shows a premium of 6%, maintaining a neutral range but indicating skepticism among traders. The entry of corporate buyers accumulating significant ETH reserves may suggest future growth potential; however, current sentiment points to doubts about reaching the $4,000 level.

Source 🔗