Ether Price Rallies Amid ETH Inflow But Traders Are Cautious
Ether (ETH) rose 17% to $2,470 from a low of $2,115 following a ceasefire between Iran and Israel, while oil prices fell due to reduced geopolitical risks. Despite this, professional traders remain cautious about adopting a bullish outlook. ETH monthly futures slipped to a bearish 3% level, indicating a lack of interest in leveraged long positions since June 12. US-listed Ether ETFs saw $101 million in net inflows, reversing previous outflows, but bullish leverage demand remains stagnant. Concerns arise over Ether's $293 billion market cap versus $41 million in monthly fees, necessitating increased network activity for sustainable staking rewards. Ethereum leads in total deposits but has only slightly higher fees than Solana. ETH options markets show a neutral skew, with expectations for consolidation above $2,800. Confidence among traders has eroded over 20 weeks without ETH surpassing $3,000, compounded by competition from Solana and BNB Chain. A strong buying interest in ETH may require clear institutional adoption or network differentiation.
