Ether (ETH) plunged 21% from April 9 to April 14, hitting a 50-day low and struggling to breach the $3,200 resistance. Analysts doubt the resilience of the $3,000 support amid ongoing weakness in ETH's performance. 📉

📉 Uncertainty Surrounds Spot Ether ETF Approval
Investors are cautiously optimistic about a potential spot Ether exchange-traded fund (ETF) approval in May. However, mixed signals from on-chain and derivatives data suggest possible corrections before the SEC's decision. CEOs like Jan van Eck doubt approval, with approval odds estimated around 35%. 📉

🌐 Ethereum Network's Activity and Competition
ETH's 15% decline since April 9 surpassed competitors like BNB (-8%) and Tron (-10%), but Solana experienced a steeper fall. Ethereum's network TVL surged to its highest in 13 months, reaching 16.4 million ETH, outperforming BNB and Tron. 🌐

💼 DApps Activity and Derivatives Offer Mixed Signals
Ethereum maintains dominance with a 7-day DApp volume of $45.7 billion, surpassing the BNB Chain. Active addresses (UAW) on Ethereum dropped by 3% but less than BNB's 7% decline. ETH options skew turned bearish, indicating growing risk aversion among traders. 📊

In summary, while anticipation of a spot Ether ETF decision and Ethereum's on-chain activity are positive, cautious sentiment in derivatives markets suggests potential further price corrections for ETH below $2,900. Investors should conduct their own research and exercise caution. 📉🔍