Key takeaways:ETH price rallied by 22% on May 8, but demand for spot ETH ETFs and derivatives remains muted. President Trump’s reversal on certain altcoins aligns with ETH’s renewed outlook. Ether (ETH) posted an impressive 29% gain between May 8 and May 9, likely marking the end of a 10-week bear market that bottomed out at $1,385 on April 9. This sharp move triggered the liquidation of over $400 million in short (sell) ETH futures positions, suggesting that whales and market makers were caught off guard.Despite the surge, traders have maintained a neutral stance in ETH derivatives. Whether this apparent lack of conviction reflects a genuine trend reversal or merely precedes another test of the $2,000 level remains to be seen.Ether 3-month futures annualized premium. Source: laevitas.chThe ETH futures premium has yet to exceed the 5% threshold typically associated with a neutral market, indicating that demand for leveraged bullish positions remains notably limited. ETH's continued underperformance—trailing the altcoin market capitalization by 17% in 2025—helps explain the prevailing lack of investor confidence.Some analysts interpret this as an opening for further short covering, while others contend that Ethereum's core fundamentals have yet to improve meaningfully.Ethereum maintains leadership in decentralization and TVLIrrespective of Ether’s