EtherETHThe local high of $3,280 was reached on February 10, which marked a 51.5% improvement from Jan. 24, when the low at $2,160 per cycle was recorded. That price was the lowest in six months, and it partially explains why derivatives traders’ main sentiment gauge plummeted to bearish levels.

Ether’s futures contract annualized premium, or basis, reached 2.5% on Feb. 25, reflecting bearishness despite the 11% rally to $2,700. The worsening conditions depict investors’ doubts regarding the network’s shift to a proof-of-stake (PoS) mechanism.