No matter how messed up the ETH price is, I keep going.
The ETH(Ethereum) price is messed up due to the increasing odds of the U.S. recessions. The indicators of the U.S labor market are getting worse. But, I don't mind this melt down.
Except ETHE by Grayscale, the Wall Street has continuously stacking spot ETH. The main reason why the ETHE has been selling spot ETH is the highest fee which is 2.5%. There's no reason to keep holding customer funds into it.
The ETHE is still holding around 2m ETH. I think when the ETHE has less than 500k ETH, the ETH price will likely go up.
The answer of the mid-term ETH price direction depends on the Wall Street.
I believe when ETH price leads the crypto market, the altcoin market cap(Total 2) will be rapidly recovered.
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Eth price is still bearish and is likely to dump for the next few days
good
thanks for sharing