Despite the anticipation surrounding the imminent launch of spot exchange-traded funds (ETFs) for Ether in the United States, the journey toward the coveted $4,000 mark has encountered obstacles. Ether (ETH) has remained below the $3,750 threshold for the past three days, with investors witnessing a decline in bullish sentiment, as reflected in derivatives metrics hitting a three-week low.

While market participants eagerly await the approval of individual S-1 fund filings by regulatory authorities, concerns loom over the demand for Ethereum ETFs amidst prevailing market conditions. Regulatory uncertainty, underscored by ongoing legal actions against major crypto exchanges and companies, including Coinbase, Binance, and Kraken, has cast a shadow over the cryptocurrency landscape. Additionally, the classification of Ether staking services as securities, coupled with macroeconomic apprehensions, has dampened investor confidence.

The macroeconomic landscape, marred by signs of stress in the real estate market and economic recession fears, has further contributed to the subdued outlook for ETH. Reports of millions of unsold apartments in the Chinese housing market and the potential downgrade of debt ratings for U.S. regional banks due to significant exposures in commercial real estate have exacerbated market jitters.

Bitcoin's failure to breach the $71,000 mark on June 7 has underscored the prevailing sentiment, reflecting diminished expectations for spot Ethereum ETF inflows. This sentiment shift is evident in ETH futures and options metrics, which have adopted a more pessimistic stance in recent weeks.

While Ethereum ETFs were once anticipated to capture a significant portion of Bitcoin's inflows, the reality appears different as indicated by declining ETH futures premiums. The drop in the ETH futures premium to 13% on June 10, the lowest level in over three weeks, suggests waning bullish sentiment among traders.

Moreover, options markets, a key indicator of investor sentiment, have shown signs of neutrality, with the 25% delta skew hovering at a balanced -6% level. This equilibrium suggests that market participants and whales are equally weighing the possibilities of positive and negative price movements for Ether.

In light of these developments, the prospect of Ether surpassing the $4,000 mark in the near term appears unlikely. Regulatory uncertainties, macroeconomic concerns, and declining bullish sentiment in derivatives markets collectively pose formidable challenges to Ether's ascent to new heights.