ETH derivatives show decreasing bullish sentiment as Ethereum’s TVL drops and network fees decrease, leading to risk aversion. US job layoffs rise, seasonal hiring weakens, hindering confidence in ETH’s near-term potential. Traders question what needs to change for ETH to break $4,000. Demand for leveraged bullish ETH positions drops, uncertainty post-October flash crash is a factor. Ether price plunge sparks liquidations, TVL on Ethereum network falls, adding pressure to ETH’s price outlook. Ethereum network fees drop 13% despite steady transaction counts, causing concerns about negative feedback loop. Top traders at OKX reduce bullish exposure to ETH, lack of conviction evident. Weak US labor market adds to traders’ unease, layoffs could impact consumer confidence and risk assets like Ether. US government must increase debt to sustain growth, AI spending takes time to deliver returns. Soft labor market could push Federal Reserve toward more accommodative stance, lack of clarity affects trader confidence in Ether’s price outlook. Investors focus on tech equities and bonds, limiting room for short-term ETH upside.

Read more at Cointelegraph: ETH Whales Abstain As Data Shows Reduced Odds For $4K Rally