🎉ETH's party at $3,900 was cut short, despite the anticipated boost from the spot Ethereum ETF approval. 😅 The delay in effective trading has created a bit of a buzzkill, with some investors feeling the hangover. Meanwhile, the Grayscale Ethereum Trust could face a bit of a squeeze if it sees outflows post-ETF conversion.

But wait, there's more! ETH's future open interest has hit a record high, posing a liquidation risk that's keeping the price below the $3,900 mark. 🎢

And let's not forget the competition! Ethereum's high gas fees have opened the door for rivals like BNB Chain, Solana, and Aptos. Ethereum's mainnet volume growth is lagging, and its on-chain metrics aren't exactly inspiring confidence.

What's your take? Can Ethereum break the $3,900 barrier? Let's discuss below! 👇👇👇