– The main hurdle before ETH’s price target is…

rallied swiftly from $3.2k to $3.7k, making a 16.2% move in three days. However, the bulls were rebuffed at the same near-term resistance from a month ago – $3.7k.to exchanges on 8 April, according to AMBCrypto’s latest analysis. While the sentiment had been bullish, it has begun to shift over the last 24 hours.The Coinbase Premium Index represents the percent difference in prices between Binance and Coinbase. This index has fallen since 5 April to show that Binance ETH prices were greater.

In other words, it reflected a lack of bullish enthusiasm from U.S investors, since they can’t trade on Binance and have to rely on Coinbase. Hence, despite the sharp bounce to $3.7k, sentiment west of the Atlantic has been muted.The ratio of daily on-chain transaction volume in profit to loss metric from Santiment leapt to 3.01 on 8 April. Since February, this metric has faced a glass ceiling at 3.

Daily active addresses and network growth metrics saw a slump on 30 March. They continued to trend lower over the past ten days. This was a sign of a lack of user adoption and organic demand for Ethereum. It raised the question – What is the short-term sentiment like in the spot and Futures ETH markets?When ETH faced rejection at $3.7k, the Open Interest also took a turn south. Over the last 36 hours, the OI has fallen from $10.6 billion to $9.72 billion.

The spot CVD also began to fall lower, but it has not retraced all the gains it made since the 8th. That being said, the period from 26 March to 8 April saw Ethereum’s spot CVD trend south. It highlighted that spot market participants were not bullishly convinced yet, but there was a chance of a turnaround should ETH break past the $3.7k-mark.Akashnath Sumukar works as a Senior Journalist at AMBCrypto.

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