The analysis focuses on Ethereum's short positions and ETF flows. Currently, traders hold extreme short positions, reminiscent of March 2022, leading to potential short squeeze rallies. The average Ethereum ETF holder has an entry price around $3500. A prior decline to $1400 resulted in an unrealized loss of approximately 60% for the average investor in April 2025 and subsequent capitulation of long positions. It reviews the behavior of investors in the mentioned period and compares the investor entry price with the price action. The predicted market trend is bearish.