Quick take — $ETH

𝗘𝘁𝗵𝗲𝗿𝗲𝘂𝗺 lingers at 2.3 K, underperforming BTC since March. Spot-ETH ETF approval rumours add upside torque: an SEC green light could ignite a catch-up run toward 2.9 K–3.1 K. Layer-2 usage (Arbitrum, Optimism, Base) hits record TVL, feeding fee burn and keeping ETH marginally deflationary.

Risk side: if ETF verdict slips to Q4, traders may rotate into faster L1s, dragging ETH toward strong support around 1.9 K.

Watch staking exit queue — a surge above 200 K ETH hints at profit-taking that can pressure price. Funding rates remain neutral; a flip deeply negative could mark a local bottom.

Tactically accumulate below 2.2 K, target 2.9 K, cut if macro shock pushes the token under 1.8 K. Utility is intact; catalyst timing decides the pace.