After looking at the on-chain data, the fundamentals of $ETH #ETH have not changed much, but the holding structure is very interesting:

Whales holding more than 1000 ETH have been continuously buying since November 2023, even when facing losses, they have not sold and instead bought more as the price drops;

On the other hand, small holders with less than 1000 ETH have been selling continuously since the beginning of the year, nearly clearing out their holdings recently, and they couldn’t even hold on during the small dip at $3300.

In other words:

Retail investors are liquidating, while whales are accumulating, leading to a healthier structure.

Additionally, ETH's current trend has the highest correlation with the Russell 2000, and in terms of direction, it is strongly correlated with BTC and the S&P 500, indicating that it is still following the "technology asset logic."