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Crypto markets spent the week chasing green, but Ether’s rally toward $2,500 might hit significant setbacks. Cointelegraph explains why. ETH derivatives signal a shift to safety as professional desks hedge against downside risks and global instability.
) price dropped by 6% following a brief rally to $2,200 on Wednesday, tracking a downturn in US equities as the war in Iran entered its sixth day. Disruptions to global oil production and Middle East natural gas shipping pushed WTI crude prices to levels not seen since July 2024. Investors lowered their economic growth outlook as the conflict escalated and moved to a risk-off posture. Traders’ sentiment was further pressured as the Trump administration faced a legal setback on its import tariffs. A Federal court on Monday rejected a Justice Department request to pause the case for 90 days, effectively striking down the administration's use of emergency powers for trade levies. Ether remains caught in this macroeconomic crossfire, which has stifled momentum despite a 22% recovery from the $1,800 retest on Feb. 24. Onchain data and derivatives markets currently reflect significant apathy from bulls.The ETH 30-day futures annualized premium sits well below the 5% neutral threshold, signaling a lack of demand for bullish leverage. However, this metric is weighed down by the fact that ETH trades 58% below its August 2025 all-time high of $4,956. To gauge whether professional desks anticipate further downside, one must analyze the When whales and market makers seek protection against price drops, the ETH options skew typically rises above the 6% neutral mark. Extreme market stress can push this indicator past 15%.The ETH options skew reached 7% on Thursday after briefly touching neutral levels a day prior. This persistent skepticism among professional traders provides bears with the necessary leverage to fuel further uncertainty. Beyond external macro pressures, including US private credit losses and rising corporate layoffs, Ether continues to face its own idiosyncratic headwinds.Ethereum network activity has stagnated following a modest rally in early February. Consistent demand for blockchain utility remains essential for sustainable ETH price action and reducing inflationary pressure. The built-in burn mechanism of Ethereum depends on competition to enter the validation queue, a process typically fueled by decentralized exchange activity.Weekly DEX volumes on the Ethereum network recently hit $12.6 billion, falling from $20.2 billion one month prior. Decentralized application revenues dropped to $14.1 million over seven days, marking a 47% decline from the previous month. Competing blockchains have seen a similar trend, as DEX volumes on Solana also decreased by 50% over the same 30-day window.Despite the weak onchain metrics, ETH is well-positioned to capture an eventual pickup in DApp activity due to its dominance in total value locked . When includingThe Ethereum base layer holds $55.4 billion in TVL, while its leading competitor Solana, accounts for $6.8 billion. This gap serves as evidence of aThe current weakness in Ether derivatives and onchain metrics does not necessarily signal an imminent price crash. Market sentiment can shift quickly toward a sustained bullish momentum if ETH reclaims the $2,400 level. For the moment, the Ether price remains closely tied to the broader risk-off sentiment, which reduces the odds of a sustainable bullish momentum. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. While we strive to provide accurate and timely information, Cointelegraph does not guarantee the accuracy, completeness, or reliability of any information in this article. This article may contain forward-looking statements that are subject to risks and uncertainties. Cointelegraph will not be liable for any loss or damage arising from your reliance on this information.
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Boris Bohrer-Bilowitzki's articles on CointelegraphThe author is an independent contributor writing an opinion or expert take. Views expressed are the author’s own and may not reflect Cointelegraph’s editorial position. Boris Bohrer-Bilowitzki is the CEO of Concordium, a layer-1 blockchain designed for real-world adoption through built-in identity and compliance at the protocol level.
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