$ETH has a weird setup right now

the demand is clearly there

spot ETH ETFs took in roughly $576M across the last three positive sessions, corporate ETH holdings keep growing, and staking continues to remove a meaningful amount of supply from the market

but ETH still isn’t leading

ETH/BTC has actually weakened during the move

that tells me something important:

ETH doesn’t have a demand problem right now. It has a leadership problem

I’m still bullish on the underlying setup, but I want to see that demand finally show up in relative strength

for me, $2,785 is the important level

If ETH accepts above it while ETH/BTC stops bleeding, I’d be much more interested in the long side

until then, I’m treating this as $BTC -led strength with real ETH demand underneath it not an ETH breakout yet