$ETH failed to break above $2,600 despite a recent 9% rally, with futures and options data showing weak trader confidence. While technical indicators like a “golden cross” suggest potential for a bull run, low demand for leveraged positions and a futures premium below 5% reflect cautious sentiment. Ethereum’s growth in layer-2 solutions hasn't boosted $ETH demand, and competition from Solana especially after the launch of a $SOL ETF which has further weakened ETH's altcoin dominance and chances of surpassing $3,200.