Key takeaways:
Reclaiming the $2,200 level remains the first price challenge for ETH.
ETH price could recover if the Pectra upgrade leads to a surge in DApp and Ethereum network activity.
Ethereum successfully implemented a key network upgrade on May 7, but Ether (ETH) price and its derivatives metrics showed little response to the upgrade. The lackluster response surprised traders and led analysts to question whether ETH still has a real chance of climbing 22% to retake the $2,200 level.
Ether 30-day futures annualized premium. Source: Laevitas.ch
The ETH futures premium has remained below the 5% neutral threshold, indicating a lack of appetite from leveraged bulls. More significantly, this indicator was unchanged at 3% after the Pectra upgrade, suggesting traders did not adjust their positions despite the upgrade’s successful deployment.
The subdued response can be partly explained by investors’ focus on macroeconomic issues, as recession risks