【ETH is waiting for a signal, and we're all betting on this one】
Last Friday night, I sold the little ETH I had.
It’s not that I’m bearish. It’s just exhausting when the market gets to this point. It’s down nearly 2% in 24 hours and over 7% in 7 days. At $ 2510, it’s stuck in no-man’s-land. You might say it’s going to fall, but $ 2363 support hasn’t broken yet; you might say it’s going to rise, but $ 2608 is capping it, and trading volume has picked up again. What else could this be but waiting for a signal?
Interestingly, Blur just announced it’s shutting down.
A lot of people are treating this as gossip, but I gave it some serious thought: Blur’s trading volume fell from $1.4 billion a month at its peak to less than $7 million now—a 99% collapse. This isn’t just one person making a bad decision; liquidity across the entire NFT ecosystem has completely dried up.
What does that mean? One of the most active use cases on Ethereum has now essentially gone to zero. ETH has lost one of its pillars of value. This isn’t just a matter of sentiment; it’s real damage to the ecosystem.
From a business perspective, when an application falls from $1.4 billion to $7 million, where did all the market makers, arbitrage traders, and institutional participants go? Either they’re stuck in losing positions or they left long ago. Smart money reacts faster than you or I do.
So here’s my take: this isn’t the time to buy the dip, nor is it the time to short. If $ 2363 holds, there could be another rally; if it doesn’t, there’s plenty of room to fall. The Fear and Greed Index (FNG) is only at 57, below the weekly average of 63, and still weakening.
Honestly, I’d rather stay on the sidelines and watch for now.
Here’s the real-world impact: with NFTs cooling off, ETH has lost one of its fundamental narratives, so short-term capital will likely turn cautious. Even institutions that are bullish on the long term won’t force a rally at this level.
What signal are you looking for? I’m keen to hear what you all think.
Last Friday night, I sold the little ETH I had.
It’s not that I’m bearish. It’s just exhausting when the market gets to this point. It’s down nearly 2% in 24 hours and over 7% in 7 days. At $ 2510, it’s stuck in no-man’s-land. You might say it’s going to fall, but $ 2363 support hasn’t broken yet; you might say it’s going to rise, but $ 2608 is capping it, and trading volume has picked up again. What else could this be but waiting for a signal?
Interestingly, Blur just announced it’s shutting down.
A lot of people are treating this as gossip, but I gave it some serious thought: Blur’s trading volume fell from $1.4 billion a month at its peak to less than $7 million now—a 99% collapse. This isn’t just one person making a bad decision; liquidity across the entire NFT ecosystem has completely dried up.
What does that mean? One of the most active use cases on Ethereum has now essentially gone to zero. ETH has lost one of its pillars of value. This isn’t just a matter of sentiment; it’s real damage to the ecosystem.
From a business perspective, when an application falls from $1.4 billion to $7 million, where did all the market makers, arbitrage traders, and institutional participants go? Either they’re stuck in losing positions or they left long ago. Smart money reacts faster than you or I do.
So here’s my take: this isn’t the time to buy the dip, nor is it the time to short. If $ 2363 holds, there could be another rally; if it doesn’t, there’s plenty of room to fall. The Fear and Greed Index (FNG) is only at 57, below the weekly average of 63, and still weakening.
Honestly, I’d rather stay on the sidelines and watch for now.
Here’s the real-world impact: with NFTs cooling off, ETH has lost one of its fundamental narratives, so short-term capital will likely turn cautious. Even institutions that are bullish on the long term won’t force a rally at this level.
What signal are you looking for? I’m keen to hear what you all think.