ETH Climbs to $3.4K, Bullish Conviction Still Lacking

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ETH price cooled down from its recent rally as US macroeconomic factors, reduced DApps activity and falling fees impact traders’ use of Ether derivatives.

ETH derivatives flash caution as pro traders remain neutral-to-bearish, and weak DApps demand and falling fees pressure Ether’s price.

Corporate ETH buying and spot ETF inflows have not restored investor confidence, as lower staking yields and soft network activity persist.

Ether price experienced a two-day 4% correction after briefly reaching $3,400 on Wednesday. The move caught bulls by surprise, triggering $65 million in liquidations of leveraged long ETH futures. More importantly, professional traders have maintained a neutral-to-bearish stance, according to derivatives markets, despite ETH reaching its highest level in two months.


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