$ETH has a weird setup right now
the demand is clearly there
spot ETH ETFs took in roughly $576M across the last three positive sessions, corporate ETH holdings keep growing, and staking continues to remove a meaningful amount of supply from the market
but ETH still isn’t leading
ETH/BTC has actually weakened during the move
that tells me something important:
ETH doesn’t have a demand problem right now. It has a leadership problem
I’m still bullish on the underlying setup, but I want to see that demand finally show up in relative strength
for me, $2,785 is the important level
If ETH accepts above it while ETH/BTC stops bleeding, I’d be much more interested in the long side
until then, I’m treating this as $BTC -led strength with real ETH demand underneath it not an ETH breakout yet
the demand is clearly there
spot ETH ETFs took in roughly $576M across the last three positive sessions, corporate ETH holdings keep growing, and staking continues to remove a meaningful amount of supply from the market
but ETH still isn’t leading
ETH/BTC has actually weakened during the move
that tells me something important:
ETH doesn’t have a demand problem right now. It has a leadership problem
I’m still bullish on the underlying setup, but I want to see that demand finally show up in relative strength
for me, $2,785 is the important level
If ETH accepts above it while ETH/BTC stops bleeding, I’d be much more interested in the long side
until then, I’m treating this as $BTC -led strength with real ETH demand underneath it not an ETH breakout yet