Ethereum (ETH) temporarily broke through the $3,940 (approximately 54.77 million won) level before experiencing a 4% decline, but the derivatives market continues to maintain an optimistic atmosphere. This price drop is in line with the overall adjustment in the cryptocurrency market and is not considered to be due to any specific negative factors for Ethereum. Consequently, traders still believe in the possibility of Ethereum challenging the $5,000 (approximately 69.50 million won) mark.
A key uncertainty factor in the market is the U.S. tariff negotiations. While an agreement with Europe has been reached, with the negotiation deadline with China approaching on August 12th, global investors are focusing on short-term bonds or cash preservation rather than risk preference. This is also partially affecting the liquidity of the cryptocurrency market.
Despite this macroeconomic volatility, the Ethereum-related derivatives market shows almost no signs of defensive positioning. The stability of volatility premiums in futures and options trading suggests that market participants are considering the possibility of price increases rather than declines.
Additionally, the movements of institutional investors are noteworthy. Recently, there have been continued capital inflows into Ethereum-based ETFs, and some companies are increasingly incorporating Ethereum into their assets. This is interpreted as an indicator of the firm market confidence of institutions in the medium to long term.
While market reactions are still limited, traders remain hopeful about Ethereum's upward momentum. As the overall macro environment is driving prices rather than individual issues, the future results of tariff negotiations between the U.S. and China are expected to be a crucial turning point for ETH prices.
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