I think compression and many other factors resolve bullishly for eth with a target near 7k, probably 6.9k.
Comment:
Fundamental Market Thesis: We are in the late stages of accumulation before ETH resumes its bull trend. It is in the best interests of big money that has been historically held in BTC and ETH to be held in many different L1s, almost all of which are currently acting as high beta derivatives of BTC and ETH. If big capital anticipates and wants to efficiently prepare for a significant move up in the ETH price, it can first accumulate altcoins and L1, and risky bull market tokens, and THEN resume macro bull trend. imagine the smell.