Ethereum (ETH) experienced a remarkable 29% price surge between May 8 and May 9, effectively ending a 10-week bear market that had seen prices drop to $1,385. This sudden rally prompted the liquidation of over $400 million in short ETH futures positions, indicating that market players were caught off guard. Despite the bullish momentum, demand for spot ETH ETFs and derivatives has remained low, with traders showing neutral sentiment towards ETH. The ETH futures premium has not surpassed the 5% mark typically associated with a neutral market. Furthermore, Ethereum's performance has lagged behind other altcoins, leading to decreased investor confidence. Recent network upgrades have solidified Ethereum’s position as a leading platform, highlighted by a total value locked (TVL) of $64 billion, significantly outpacing competitors like Solana and BNB Chain. However, a notable decline in network fees from January to April has dampened demand for ETH, contributing to ongoing market apathy. Despite these challenges, analyst interpretations suggest potential for further rallies, particularly if investor sentiment shifts following recent developments in the regulatory landscape.

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