Ether (ETH) traders were hit hard as the cryptocurrency's price neared $3,500 on June 11, resulting in $90 million in ETH leveraged longs being liquidated in just 48 hours. This drop was influenced by macroeconomic factors, including a revised outlook by the U.S. Federal Reserve and data on U.S. jobless claims. As a result, Ether investors have turned bearish. The lack of a U.S. spot Ether exchange-traded fund (ETF) adds to the uncertainty, with SEC Chair Gary Gensler indicating that approval for individual Ether ETFs could take up to three months. This delay is part of the reason why investors are becoming increasingly cautious about purchasing bullish ETH derivatives.