Ethereum network growth, bullish ETH futures support $2.4K
Ether (ETH) has struggled to surpass $2,700 since May 13, despite outperforming the broader cryptocurrency market by 17% over the past month. ETH trades 48% below its all-time high of $4,870 due to declining interest in decentralized applications (DApps). The total value locked (TVL) in the industry is $122 billion, 43% below its December 2021 peak, with Ethereum holding a 54.2% market share. Leading Ethereum layer-2 solutions contribute an additional 6.3% to the TVL, significantly outpacing Solana and BNB Chain. Solana DApps generated $356.3 million in fees, but the network collected only $48.5 million, impacting SOL's price. In contrast, Ethereum's top DApps generated $169 million in fees. Despite a recent price drop, ETH futures markets indicate a stable annualized premium near 6%. Investor sentiment is influenced by macroeconomic trends, with downside risks tied to global recession concerns. Ethereum's TVL and transaction scalability may mitigate potential underperformance against the altcoin market.
