Key takeaways: Despite an 8% price rebound, traders are aggressively hedging ETH futures. Ethereum’s weekly fees dropped 49%, while Tron and Solana fees rose 9%. ETH gained 8% but stalled near $3,000 as derivatives markets signaled doubt about further upside amidst a broader crypto rally.

Sentiment improved as investors bet on less restrictive US monetary policy. The Nasdaq index recovered, but ETH derivatives positioning remains tight. Annualized premium on ETH monthly futures versus spot markets held at 3%, unchanged from the prior week, indicating weak demand for leveraged long exposure.

Ether’s underperformance relative to US stocks raises concerns amid central banks’ expansionist measures. Factors like fears of AI investment and regulatory pressure on stablecoins may be impacting crypto demand. Professional traders remain uneasy about downside risks, reflected in persistent stress across options markets.

ETH put options traded at a 6% premium to call contracts, indicating bearish conditions. Ethereum network fees hit a three-year low, dropping to $2.6 million over seven days. Tron and Solana saw a 9% increase in fees, fueled by a dormant Ether whale movement sparking speculation of a potential sale.

Ethereum’s Fusaka upgrade aims for better scalability, but weakened demand for decentralized apps leads to lower fees. Limited evidence suggests ETH may not outperform the broader crypto market. This article provides general information and does not constitute legal or investment advice. Views expressed are the author’s own and not necessarily those of Cointelegraph.

Read more at Cointelegraph: ETH Hits $3K But It’s Too Early To Call A Reversal