Firstly, this is actually the first ETH bear market. It has never been in bear market before, keep that in mind.
The second reason is the chart above. As I mentioned before, this is common now in other cryptocurrencies as well. Now I don't know what's the deal with ETH and I don't know all the fundamentals. But this long interest is quite fascinating (even considering that ETH is far cheaper, thus more affordable).
What is even more fascinating, is ETH short interest:
The gap between longs and shorts is just... big.
I really don't know what is going on, but it is certain that hope hasn't left this market yet. I just can't imagine ETH to pump more from this point, it would be really weird and something else behind it.
And if another wave of selling come, I can imagine ETH to test $80, and on top of that, even $50 (in case of some panic selling).
But it doesn't matter now of course. It just follows the market move no matter what. ETH shorts just crashed to all time low, but longs are slowly covering too. The gap didn't changed much though. When a correction come, I expect it to be a strong one for ETH.
This is getting really interesting :)
But to be fair, it's just getting hit with the entire market again. What goes up must go down... Seems to me, that it is just a game of market makers, to get fomoers in, and fck them up later. But people never learn, that's why it always works.