In the midst of a bullish crypto surge, Ethereum is taking a bearish detour. Indicators from options hint at caution, and the declining interest from major investors combined with network hiccups enhance concerns.

Amid a predominantly bullish crypto landscape, Ethereum[ETH] faced unexpected bearish tendencies.

Information gathered from Greeks.Live indicated that nearly 200,000 ETH options were approaching their expiration, with a Put Call Ratio of 0.87, signaling a bearish inclination. Moreover, the max pain threshold stood at $1,650, representing a notional value of $330 million.

The rising bearish outlook was further underscored by the decreasing Open Interest observed across all trading platforms, suggesting a diminishing interest in Ethereum options and futures.

The Implied Volatility, a gauge for expected price shifts, was also on a downtrend. This may suggest that the market foresees ETH's price to stay comparatively steady in the upcoming period, indicating a potential absence of significant buying momentum.

Additionally, the 25 Delta Skew of Ethereum, a measure to evaluate mood in the options space, witnessed a decline. This change suggests a growing bearish perspective among options participants, possibly revealing doubts about ETH's near-future price trajectory.

Curiously, despite the bearish signs, there hasn't been significant liquidation of either long or short positions in the ETH market. This implies traders are treading carefully around ETH, avoiding large gambles in either direction for the cryptocurrency.

Beyond the options market statistics, there were signs of waning interest from large Ethereum investors. Data from Glassnode revealed a drop in the number of addresses holding over 1,000 ETH to its lowest in five years, at 6,010 addresses.

This indicates that major stakeholders might be downsizing or reallocating their ETH holdings, potentially casting doubt on Ethereum's future valuation.

Additionally, slowdowns were evident in Ethereum's network activity. The growth of the network, measuring the rise in new addresses interacting with ETH, has been slipping. Also, the frequency of ETH transfers between addresses has decreased, suggesting a reduced rate of ETH circulation. These trends together hint at diminishing new engagements with Ethereum.

Finally, Ethereum's Market Value to Realized Value (MVRV) ratio has been notably high. This metric contrasts the market and realized price of ETH. A heightened MVRV ratio can indicate looming sales from those looking to capitalize on profits, potentially pushing ETH's price downward.