Ethereum is still quite bullish (in my opinion)

2 viral ETH FUD posts on X

1/ There are a lot of ETH Short positions, including Wall Street Hedge Funds, which has caused negative sentiment in the market.

2/ Andre Cronje FUD Base dumped ETH heavily from sequencing fees. Simply put, all sequencing fees from Base (except for the payment to Ethereum) will be transferred to Coinbase. However, after the financial audit, Coinbase's balance sheet increased very little ETH compared to Base's revenue.

In fact, the above 2 issues are not worth FUD

1/ The ETH Short position is due to these funds only being delta neutral, not a bearish signal. There are currently about 10,000 ETH long contracts on CME, each contract representing 50 ETH. This is equivalent to about $1 billion worth of ETH longs, accounting for about 1/10 of the total Open Interest (OI) of ETH on the market. The most shorted ETH was in November 2022 when the FTX exchange collapsed.

2/ Base is essentially a product without a token, so most of its revenue comes from sequencing fees with a margin of 90%. But to have a strong ecosystem, Base will also need money to pay for community and ecosystem building activities, as well as employee salaries. So selling ETH into USDC is quite normal.

Not only is it not bearish, but it is also bullish

1/ ETH ETF cash flow has increased continuously in the recent period, proving that buyers from the US have accepted to buy ETH at the current price. In the past three weeks, ETH has attracted more than $ 2 billion, including a record cash flow of $ 854 million in one week from Wall Street, the highest level ever.

2/ Trump's family continuously shills and buys ETH, before that, there was also FUD about World Liberty transferring ETH to the exchange, but the project also confirmed that it was only an operational activity.

3/ Vitalik has also committed to improving technology for ETH in the next phase.