The Ether price has struggled to sustain $1,850 support since April 21, the same level it held before the rally toward $2,100 initiated on April 13. Investors have reason to question whether there are buyers, considering the 13.5% price correction in six days and the $548 million in leveraged futures longs liquidated between April 19 and April 21.

First, the regulatory environment seems to have gotten stricter for centralized exchanges. Dubai-based Bybit, for instance, announced that

The put-to-call ratio for Ether options volume reached its lowest level in over three months, indicating excess demand for neutral-to-bearish puts. Currently, the protective put options outnumber the neutral-to-bullish call options by more than four times.

Judging by the uncertain regulatory environment in the U.S. and the impacts of competing networks, whether using second-layer technologies or not, odds are the Ether price will unlikely be able to sustain the $1,850 support. Derivatives traders clearly reflect the higher probability of negative price movements.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.