Key results:

• ETH did not recover $ 2,600, because the data of Futures contracts and options show a penniless belief from traders.

• The enhance in Ethereum layer 2 did not translate into increased demand on ETH due to low transaction fees.

• The launch of ETF Solana undermined ETH Altcoin leadership and reduced the chances of a rally above USD 3,200.

Ether (ETH) gained 9% between Tuesday and Thursday, but it was not possible to exceed $ 2600. As the price increases, traders indicated a stubborn technical formation known as the “golden cross” that could push ETH to USD 3,200, the level recently reached in January. However, data on derivative instruments suggest that ETH traders do not feel so stubborn.

X Merlijntrader pointed out that on Wednesday Golden Cross Formation on Wednesday is “in the place where the bull markets begin”, noticing that technical analysis shows compact -term strengthening of the rush in relation to the long -term average. For Merlijntrader ETH “sends a clear signal”, which suggests that the next course of the bull is approaching.

ETH derivatives signal low trust among increased competition

Despite the ETH jump to $ 2600 on Thursday, there was no significant enhance in demand for long positions. On the neutral market, monthly contracts usually trade with an annual bonus of 5% to 10% compared to prices to reflect the extended settlement period.

Currently, Ether Futures Premium remains below 5% of the neutral threshold, even after the last price increases. The last time this indicator signaled the stubborn attitude, it took place on January 26, when ETH traded nearly USD 3300. In particular, this date is in accordance with the launch of the official Memecoin Trump (Trump) to Solan, which increased the volume and revenues of this blockchain.

X Cryptunez noticed that decentralized applications (DAPP) on Solanie generated $ 1.3 billion more revenues than those in Ethereum.

However, this narrow analysis omits the strategic shift of Ethereum towards the scaling of layer 2. A significant part of DAPP revenues in the ecosystem now flows to the base, arbitral, polygon, optimism and unichain. In addition, Solana met with criticism for her practices of maximum extraction value (MEV), which allow validations to change the change in transactions for profit.

X R89 Capital accurately captured the mood of investors, noting that the supporters of Ethereum “were right about companies” on the ecosystem of layer 2, but “bad that he is stubborn for Eth.” Basically, Wrowadki incur extremely low data processing fees, encouraging adoption, but do not generate significant demand for ETH itself.

Viktor Bunin, a coinbase protocol specialist, indicated that interoperability in the ecosystem of layer 2 Ethereum remains the main obstacle. The lack of incentives for “large players to cooperate” led every team to the implementation of isolated solutions. Bunin believes that significant progress will require more direct involvement of the Ethereum Foundation.

To assess whether professional traders lose confidence in the ETH price rally, it is useful to examine the ETH Delta SKEW option. In bear conditions, PUT options (sales) tend to trade on a bonus on comparable connection options (buy), moving the indicator above 6% of the neutral threshold.

Currently, ETH options are 1%, suggesting that traders see equal probability of price movements in both directions, reading has been unchanged since the previous week.

Related: ETH News update: Expanding corporate tax ether will cause the price to send up to 2.8 thousand. USD?

Lack of trust in ether derivative instruments strengthens the view that traders are not convinced by ETH’s ability to recover USD 3,200. Some of these caution probably results from the launch of the first place in the Solana Exchange (ETF) in the United States on Wednesday.

Solana ETF not only summed up ETH leadership among the Altcoins, but also raised the bar, including set rates. While Ethereum does not provide ETH owners, the direct benefits of tokenization and institutional adoption, a sturdy rally in the near future seems unlikely.

This article is used for general information purposes and should not be and should not be treated as legal or investment advice. The views, thoughts and opinions expressed here are themselves and do not necessarily reflect or represent the views and opinions of Cointelegraph.