Analysis: Ethereum's rebound faces macroeconomic headwinds; derivatives and on-chain indicators suggest cautious market sentiment.

PANews reported on March 6th, citing Cointelegraph, that although Ethereum has rebounded 22% from its February 24th low of $1800, its price movement remains constrained by macroeconomic factors. ETH futures annualized premiums are well below the 5% neutral threshold, and the options skewness index has risen to 7%, indicating that professional traders remain cautious, adding uncertainty to the market.

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