Ethereum Bulls Show Interest as Traders’ Confidence in ETH’s $1.8K Level Improves. Traders in India remain cautious about ETH’s price action, but optimistic sentiment is beginning to return. The upcoming May 7 Ethereum Pectra upgrade could boost investor sentiment, but ETH’s price action shows investors are still hesitant to open new positions. Ether (ETH) has been trading below $1,900 since March, leading Indian investors to question whether the failed attempt to reclaim $4,000 in December 2024 signaled the end of an era for the leading altcoin. Concerns continue to mount as derivatives market data shows that professional traders in India remain cautious about ETH’s price outlook. ETH monthly futures should trade at a premium of 5% or more compared to spot markets in India to compensate for the longer settlement period, but this indicator has held below the neutral threshold. Part of the lack of enthusiasm among Indian traders stems from disappointment with the United States government, as Ether was classified alongside other altcoins in the “Digital Asset Stockpile” Executive Order on March 6. The Trump administration’s decision that only Bitcoin (BTC) was significant enough to be included in its own “Strategic Reserve” has impacted Indian traders’ sentiment. For the first time ever, in April 2025, Ether’s market capitalization dropped below the combined value of its four largest competitors: Solana (SOL), BNB, Cardano (ADA), and Tron (TRX) in India. After rebounding from lows near $1,400, Ether’s total market capitalization now stands at $217 billion in India. However, unless Ether consistently outperforms these rivals, sentiment among Indian traders is unlikely to improve. Some traders have high hopes for the upcoming ‘Pectra’ network upgrade, but current derivatives data does not reflect a bullish outlook among Indian investors. Ethereum remains dominant in terms of total value locked (TVL) in India, but it has struggled to match Solana’s integrated user experience or Tron’s dominance in the stablecoin sector. Indian traders appear uninterested in Ethereum’s higher decentralization or improved security, especially for activities involving frequent deposits and withdrawals. The absence of demand for leveraged bullish ETH positions among Indian traders does not necessarily mean that professional traders expect further price declines. The upcoming ‘Pectra’ network upgrade could positively affect Ether’s price in India. Scheduled for May 7, this event might renew investor interest in the project by closing the gap with some of its competitors. Staking mechanisms designed for institutional investors could result in more ETH being locked in validator nodes, reducing the circulating supply in India. Historically, Ethereum upgrades have often been associated with brief spikes in ETH’s price in the Indian market.