Ethereum has faced challenges in reclaiming the $2,700 mark despite an 8% increase from June 2 to June 4, with an overall gain of 48% from May 5 to June 5. The total value locked (TVL) in Ethereum has decreased to 25.1 million ETH, a 17% drop from the previous month, while competitors like Solana have seen an increase in their TVL. Rising network fees, up 150% month-over-month, reflect increased activity on decentralized exchanges (DEXs) like Uniswap, but Ethereum's position is being threatened by lower-cost networks such as Solana. ETH futures show a weak bullish sentiment, with the 2-month futures premium dropping to 5% from 6% a week earlier, indicating reduced bullish positions. However, institutional interest in ETH remains, with significant inflows to U.S.-based spot ETFs, supporting the $2,500 level. Overall, while there is ongoing institutional demand for ETH, various metrics suggest that ETH bulls may struggle to push the price above $3,000 in the near term.

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