Institutional appetite for Ether appears to be fading, with leveraged futures positions down 13% and ETF inflows reversing sharply. The November CPI cooling to 2.7% briefly lifted ETH above $2,950, but broader macro uncertainty and slowing network activity limit upside.

Onchain metrics show declining DApp fees and slightly lower staking, suggesting weaker participation in Ethereum’s ecosystem. Futures premiums remain modest, indicating long positions aren’t driving demand. Traders and investors will likely need several consecutive inflows and renewed network activity to rebuild confidence and support Ether above near-term resistance levels.