Analysis: Ethereum rebound faces macro resistance, derivatives and on-chain indicators show cautious market sentiment

PANews March 6th news, according to Cointelegraph, although Ethereum rebounded 22% from its low of $1,800 on February 24, its price movement is still constrained by macro factors. The annualized premium of ETH futures remains well below the neutral threshold of 5%, and the options skew indicator has risen to 7%, indicating that professional traders continue to maintain a cautious attitude, adding uncertainty to the market.

On-chain data shows that Ethereum network DEX weekly trading volume has dropped from $20.2 billion a month ago to $12.6 billion, and DApp revenue has decreased by 47% week-on-week to $14.1 million. Despite weak on-chain indicators, Ethereum still dominates in total value locked (TVL), accounting for nearly 65% of the entire blockchain market TVL including Layer 2. Ethereum mainnet TVL has reached $55.4 billion, far surpassing its main competitor Solana's $6.8 billion, reflecting institutional investors' preference for decentralization.