Ethereum's on-chain data shows that Q4 2024 and Q1 2025 have strong bullish potential. The estimated leverage ratio in Q4 2024 is significantly higher than in other quarters, indicating an increase in investors' risk appetite. The open interest of Ethereum has also reached a record level, with a positive funding rate.

However, the key question is how the Fed's policy, despite interest rate cuts, will affect these bullish signals? This could be the determining factor for the market's direction.