Just been watching ETH and the price action is interesting right now. The way I see it, we're stuck in a holding pattern because the short sellers haven't really been flushed out yet. There's still too much leverage on the long side that needs to get liquidated first.

Looking at the current levels around $2.36K, I think what needs to happen is a wave of short sellers actually stepping in to take profits and create some real selling pressure. That's usually what kills the high-leverage bull positions that are sitting on top. Once those shorts do their thing and the liquidations cascade through, that's probably when we get a real move up.

So yeah, ETH might need to shake out the weak hands first before we see any meaningful rally. The market structure just doesn't feel clean enough for a sustained push higher right now. Short sellers gotta do their job first, you know?