Ethereum is being watched by two groups of people at the same time! Is everything ready, just waiting for the final push? One group of $ETH bulls has been wiped out. Binance open interest dropped by 4.7%, long liquidations increased by 47%, and funding rates are near zero. Leverage players are being flushed out. Another group is stepping in to buy the dip on $ETH. A whale has been selling $BTC for $ETH for 4 consecutive days, totaling 43,275 BTC at an average price of $2,529. Leverage is being cleared out, while smart money is entering the market. But Ethereum’s price hasn’t gone up yet. Why is that? On one hand, Stablecoin net outflows reached $175M, and Coinbase premium is at -0.11. Smart money is building positions, but retail investors haven’t joined the party yet. More importantly— Ethereum’s big brother, $BTC, is being suppressed by unfavorable macro fundamentals. The bull market has started, but the head of the bull is being held down by macro factors. If big brother Bitcoin doesn’t dare to pump hard, how can Ethereum, the follower, dare to rise? Everything is ready. But when will the final push come? No one knows.