The performance of ETH during this period has indeed been quite perplexing. Recently, everyone has been focusing on the BTC leverage zone of $92,000-$94,000, but there are actually several signals worth paying attention to on the ETH side.

First, let's talk about the Federal Reserve's movements. Recently, the Fed's tone has shifted slightly; on the surface, it seems insignificant, but the underlying liquidity changes have a substantial impact on the crypto market. Since December, the Fed has been engaging in reserve management purchases, which essentially means releasing liquidity. This easing has a more direct effect on ETH than on BTC, especially considering that ETH is also supported by narratives such as layer-two scaling upgrades and re-staking yields.

Tomorrow (January 9), U.S. employment data will be released. The importance of this data is self-evident—it directly influences the Fed's subsequent policy direction. If the data falls short of expectations, market expectations for easing will intensify, which could be a bullish signal for ETH. Even if the data exceeds expectations and causes a short-term correction, from a long-term perspective, it might just be an entry opportunity.

On-chain data makes this even more interesting. According to on-chain monitoring, a whale address has been aggressively accumulating ETH since December 3. As of now, it has bought 51,374 ETH, spending nearly $160 million, with an average cost of around $3,110. Such large-scale accumulation by a whale indicates they are betting on a loosening market after the upcoming data release. On the other hand, whales shorting ETH are currently experiencing unrealized losses exceeding $300,000, which in itself is quite telling.

Overall, both macro liquidity and on-chain movements point in the same direction. How this market will develop specifically remains to be seen—let's wait for the data to speak.