Ether (ETHOn Feb. 10, ), reached a local high of $3280, marking a 51.5% rebound from its Jan. 24 low of $2,160. 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.