Last year's Ethereum surge was mainly driven by corporate treasury purchases combined with a long period of consolidation at low levels. They kept buying while simultaneously liquidating shorts, pushing Ethereum to new highs.

However, this year, I don't see any logic supporting an Ethereum rally. Simply put, where would the upward momentum come from? Besides the 10.11 crash, there was another significant decline this cycle. The market saw massive leverage liquidations, and it's now clearly in a liquidity crisis phase.

In conclusion, simply put, it's that time again to short Ethereum without thinking.