Ethereum’s onchain metrics are strong, but derivatives sentiment is subdued. Stablecoin flows and options data show only moderate fear, supporting ETH’s potential for bullish momentum. However, ETH fell 5.2% after weak US job market data, triggering $90 million in liquidations. The question now is whether Ether will retest $4,000 or face broader uncertainty.

ETH’s monthly futures premium dropped to a two-month low, signaling little interest in leveraged bullish positions. Despite this, Ethereum’s onchain activity remains resilient, with a 32% surge in transaction counts over the past month. Ethereum’s total value locked climbed to $97.4 billion, showing a 12% increase in 30 days.

ETH options skew signals caution as traders resist turning bullish. The options delta skew currently at 4% shows no elevated fear, suggesting professional traders remain cautious despite a recent rally. Stablecoin activity in China, with Tether trading at a 0.5% discount, reflects moderate selling pressure. Despite global economic uncertainty, ETH is poised for bullish momentum.

Read more at CoinTelegraph: ETH Holds $4.3K Despite Wider Crypto Market Sell-off