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$ETH bouncing off $3K looks strong on the surface… but the story underneath is way more complex.
Smart money is still capitulating. ETFs are bleeding. Structure remains weak.
Yet flows, dominance, and leverage are rotating aggressively into $ETH.
This isn’t a clean breakout.
This is a battlefield where conviction is being tested.
Bull trap or early rotation?
The next move will define the rest of Q4.