Recently, many people have been debating whether to jump into ETH now. To be honest, this wave of market movement is quite mysterious—on the surface, it looks good, but a closer look reveals quite a few issues.

From a technical perspective, the situation is actually quite solid. In early January, ETH successfully broke through and stabilized above the $3000 mark. Many are optimistic that as long as ETH can perform a decent retest and confirmation above $3000, the short-term structure remains healthy. If this pattern continues, the next potential upward target could be the strong resistance zone between $3250 and $3350. At first glance, the logic seems sound.

But here’s the dilemma—fundamentally, the market sentiment is going against this optimism. The most telling indicator is that Coinbase’s premium index has already turned negative and dropped to its lowest point in nearly 10 months. What does this mean? Institutional investors in the US show little interest in following the price rally; their buying willingness is extremely weak. This kind of indifference could hinder the continuation of the upward momentum.

In the short term, key economic data like US non-farm payrolls will continue to influence trading sentiment. Overall, the market’s risk appetite remains quite cautious. Additionally, the legislative progress of the US Digital Asset Market Structure Bill is also on the market’s radar, which could become an important turning point later on.

In summary, whether to jump in depends on how confident you are in this technical rebound. There are indeed reasons for a short-term bounce, but the institutional apathy is a risk that cannot be ignored.