Ethereum $ETH

faced rejection at the $4,000 resistance level for the third time since March 2024, following a 6.7% drop to $3,400 amid a broader market downturn. Despite a 47% year-to-date (YTD) gain, ETH has underperformed compared to assets like Bitcoin (BTC) and Solana (SOL). Key factors include weaker brand recognition compared to BTC and muted market reactions to spot ETH ETFs, which hold $11.98 billion in net assets versus $109.66 billion in spot BTC ETFs. Additionally, ETH experienced its largest outflow from spot ETFs in a month, with $60 million pulled, while social sentiment has dropped to a yearly low, potentially signaling a contrarian buying opportunity. The aggregated futures premium decline and a $299 million liquidation event further underscore bearish trader sentiment. Binance Research also highlights concerns around Ethereum's supply issuance, questioning its deflationary narrative. Analysts suggest ETH could test $2,800 before targeting a new all-time high.#USJoblessClaimsFall #CorePCESignalsShift