Image Source: Pexels
 

ETHUSD Longs/Shorts ratio chart is at 3-year low due to massive rise on ETHUSD shorts, because speculators want to short Ethereum, but that usually indicates for the support. Notice that Ethereum is right now testing previous highs that can act as a support, so there could be space for more gains.
 

ETHUSD Longs/Shorts Ratio Daily Chart
 

Ethereum ETFs still look like a higher degree wave 4 correction, which can extend the rally for the 5th wave. Grayscale Ethereum ETF(ETHE) could retest base channel upper line as support before a bullish continuation for wave 5 towards 2021 highs.
 

ETHE Daily Chart
 

BlackRock's Ethereum ETF(ETHA) is now testing previous December 2024 high and former wave 4 swing low, right around base channel upper line, which is an ideal zone for a higher degree wave (4), so still be aware of another push to the upside within wave (5).
 

ETHA Daily Chart

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