ETH is currently in a fierce turnover phase. Old OGs are cashing out, while bottom-fishing players at the $2000-$3000 range are taking profits during the volatility. New whales like Tom Lee are stepping in. The average holding price of ETH keeps getting pushed higher, similar to BTC's whale rotation process. When ETH hits $6000 or $8000, those who are cashing out now will likely jump back in again.