Although Ethereum reached over $4,000 in March, it failed to set a new all-time high, unlike Bitcoin, which soared to a new peak in the same period.
In the last two weeks, Ethereum has seen nearly a 10% decline, and this downward trend has continued in the last 24 hours, with a 2.2% drop. This bearish sentiment is reflected in the actions of Ethereum traders, who have been increasing their short positions, particularly after a significant development from Grayscale Investments.for an Ethereum futures exchange-traded fund , a move that has significantly impacted trader sentiment.
This decision, made just three weeks before the U.S. Securities and Exchange Commission was due to deliver its verdict, has led to an increase in short positions on Ethereum.on further declines, with $358 million in short positions poised for liquidation if prices rise by just 4%.This withdrawal aligns with broader concerns about Ethereum’s regulatory status, particularly regarding its classification as a security and the fate of spot Ethereum ETFs.
As the decision date — the 23rd of May — approaches, analysts and market participants are growing increasingly skeptical about the approval of these ETFs.Source: PolymarketBeyond ETF concerns, Ethereum faces issues with its overall usage and a lack of speculative interest, especially from short-term holders.that Ethereum’s usage is so low that its burn mechanism cannot keep up with issuance to validators.
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