SIMPLE FACTS TO FRAME THE CONTEXT.
$ETH almost hit 4000 last week. If you bought in March near ~1300 is about 300% profit. If you bought in April-May before BlackRock™ made public their intentions to purchase ETH, prices were at 1800-2400, so the relative performance is ~40-100%.
Anyone who bought in 3800 is down almost 10%. Frustration or fear of missing out, are prompting traders to chase the market up, but liquidity runs away (with profit taking or long squeezes) faster, and whimsical traders would not be able to catchup when the market corrects/pullback or reverses (when major holders become major sellers).
A CASE FOR CORRECTION
Ethereum is still promising, as much as Solana $SOL or $BNB are. The difference is the legacy supporting awareness of projects and development.
Its dominance in DeFi and NFTs is undisputable, as of 2025. However, ironically, that has no bearing in its price, at least not the kind of effect people would expect.
BE REALISTIC
The interest in Stacking might stem from the expected massive trading activity that "could" come from ETFs and Retirement Funds is allowed to trade them.
Even, if the influx were imminent, the value of ETH will always converge to reflect the profitability of its network activity (fees of transaction that are becoming cheaper and cheaper). A correction will happen if stakers become disappointed by a drop in activity as they did early this year, when ETH traded at 3800 and dropped below 2700 within 3 days.
Besides, most of the money invested today is the money that was divested before that is coming back. Thus, for further upside potential there should be greater adoption for sustainability. Without it, capitalization would resemble or be an asset bubble.
I am not bearish about ETH, but this kind of resoning and facts makes me more cautious.
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