Ethereum's futures premium has fallen to a one-year low, prompting traders to speculate whether this indicates a market bottom. The price of ETH dropped 9.3% from March 26 to March 28, testing the $1,860 level, leading to over $114 million in liquidations of leveraged ETH futures. The current 2% annualized premium signals low demand for leveraged long positions. Despite some traders seeing opportunities, the ETH options' 25% delta skew stands at 7%, indicating a lack of confidence in further bullish momentum. Analysts note a decline in Ethereum network activity, compounded by strong competition from other blockchains like BNB and Solana, as well as projects that are migrating away from Ethereum due to changing needs. While a major protocol update is anticipated, the market remains cautious, making investors wary of further price declines.

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