Last year's Ethereum surge was mainly driven by Treasury companies buying in while it was consolidating at low levels for a long time. They kept buying all the way, liquidating shorts continuously, which pushed Ethereum to new highs.

But this year, I haven't seen any logic supporting an Ethereum rally. Simply put, where would the money to drive it up come from? Besides the 10.11 crash, there was another significant downturn, with many leveraged positions blown up in the market. It's now obvious that we're in a period of liquidity drought.
In the end, to put it simply, it's time to mindlessly short Ethereum again.