$ETH is still weaker than $BTC when the price remains below VWAP and has not shown the ability to hold at higher price levels.
If you notice, from the area ~2.8k–2.85k, there is quite a strong buying force in this range. Simply put, there are people ready to buy at lower prices, but the confidence to push the price further is still not strong enough.
Above, the selling pressure is quite thick, especially in the 3.05k–3.25k range. For me, this is the "stuck inventory" area of the market; if ETH wants to pump strongly, it must break through this zone.
When this area has not been surpassed and held firmly, I still see the current upward movements as a price increase process to meet supply, rather than a confirmed actual uptrend.
Conversely, if ETH cannot hold the 2k8 mark in the near future, the possibility of a deeper decline will become clearer, as there are not many strong support zones below, and the price could slide quickly down to lower liquidity areas.
In general, at this moment, $ETH is in a state of reacting to important price levels and waiting for clearer cash flow; it is not really playing a leading role in the market. I think anyone holding ETH should be patient, as it might take until the end of December this year.
