Direct answer
Risk sentiment improving; majors rotating into ETH. Watch BTC correlation for broader trend confirmation.
Most likely drivers right now
layer-2 activity
If layer-2 activity changes, traders often reprice Ethereum quickly.
staking flows
If staking flows changes, traders often reprice Ethereum quickly.
ETH/BTC rotation
If eth/btc rotation changes, traders often reprice Ethereum quickly.
risk sentiment
If risk sentiment changes, traders often reprice Ethereum quickly.
How to avoid a bad read
- Volume on breakouts
- Higher lows forming
- ETH/BTC ratio rising
Best sources to confirm the move
- ETF flow data and spot market structure
- Exchange liquidity, perpetual funding, and open interest
- Macro liquidity, dollar behavior, and real yields
- On-chain positioning and large-holder flow changes
False-positive signals to avoid
- Close below $2400
- Volume drying up
- ETH/BTC ratio falling