Pro traders are holding back their enthusiasm until Ethereum confirms

Expert traders are waiting for Ethereum to confirm before getting too

The price of ETH has risen sharply sincebottoming out around $2,500, but derivatives data suggests that professionaltraders are treading carefully.

 Between March 26 and March 29, the price of Ether (ETH) increased by 11% to $3,480, the highest level in 82 days.Currently, the price is down 9% year to date. Is there anything to back up theidea that the altcoin has resumed its upward trend toward a new all-time high?

Institutional investors appear to beecstatic after the CoinShares Digital Asset Fund Flows Weekly Report indicatedon March 29 that inflows into exchange-traded crypto products reached theirhighest level in three months. Last week, net deposits into digital assetinvestment products totaled $193 million, according to data.

Simultaneously, the President of the UnitedStates' Office of Science and Technology Policy initiated a study to offsetenergy use associated with digital assets. Furthermore, on March 9, UnitedStates President Joe Biden issued an executive order directing several federalagencies to investigate the implications of digital assets.

The Ethereum network's anticipatedtransition to proof-of-stake consensus may also explain part of itsoutperformance relative to Bitcoin. The transfer has been postponed severaltimes, despite the fact that Q1 of 2022 was listed on the official roadmap.Ethereum intends to become more efficient by removing the burden of digitalmining, allowing for cheaper and faster transactions.

Even with the expectation of the PoSimprovement, the three-day rally is inadequate to induce Ether pro traders toturn positive, according to derivatives measures.