Last year's Ethereum surge was mainly driven by treasury companies buying in combined with it consolidating at low levels for a long time, buying all the way up and squeezing out shorts, pushing Ethereum to new highs.

But this year, I don't see the logic supporting Ethereum's upside. Simply put, where would the money for gains come from? Besides 10.11, this decline had another drop, with the market liquidating a lot of leverage. Now it's clearly in a phase of liquidity exhaustion.
In the end, to put it simply, it's that time again to mindlessly short Ethereum.