Pro traders turn into bears after Ethereum price dropped to $3,200 By Cointelegraph

After a 42% rally over a three-week period, Ether (ETH) peaked at $3,580 on April 3 and since then, a 12% correction to $3,140 has taken place.

Tech giants launching their own smart contract platforms and regulatory uncertainty might have impacted investors’ sentiment and derivatives metrics also show worsening conditions that confirm professional traders’ shift toward a bearish sentiment.