Despite Ethereum's price recently increasing, professional traders remain cautious, indicating limited interest in purchasing ETH. The price rose 6.4% from a low of $1,768 but struggles to reclaim the $2,000 mark, attributed partly to a downturn in the memecoin market. Derivatives metrics show a lack of bullish sentiment among traders, with Ether futures premiums remaining below the neutral threshold. A key indicator, the 25% delta skew for ETH options, suggests strong risk aversion, revealing that whales are hedging against potential further declines. Furthermore, Ethereum DApps revenue has dropped significantly, which continues to impact the network's activity and overall ETH demand. Meanwhile, stablecoin holdings on Ethereum approach a record high, demonstrating ongoing potential for adoption in decentralized finance (DeFi). Retail sentiment reflects hesitance, buoyed by net outflows from spot Ether ETFs. A shift in sentiment could foster a price recovery, but both professional and retail investors are currently exercising caution regarding ETH's future prospects.

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