Ethereum's price gained 9% to $3,355, yet futures and options data indicate a neutral-to-bearish sentiment. The absence of strong catalysts or institutional demand has prevented Ether from breaking the $3,800 level. With the altcoin market capitalization at $1.3 trillion, Ether's struggle to reach $4,000 reflects a broader lack of risk appetite among investors. Recent declines in total value locked (TVL) on Ethereum DApps, down 9% to ETH 23.8 million, further contribute to a negative outlook. Additionally, ETH options markets exhibit low optimism, with a current delta skew at the neutral-to-bearish threshold. Institutional demand for Ethereum appears to be decreasing, highlighted by $129 million in net outflows from Ether spot ETFs. Without renewed inflows and compelling drivers, Ether is likely to continue moving in tandem with the overall altcoin market, facing challenges from global economic uncertainties and the job market outlook.

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