This chart makes me want to sit out the bear cycle, pretend ETH is gone until I DCA in at true lows. All kinds of weakness across markets makes me think that having cash on hand until sub-$1200 ETH is the move here. Conceivably, with all the investment in the space, ETH will find its killer app (if we're sure it wasn't NFTs) by the next Bull cycle.
I've adjusted my outlook on ETH. ETH is holding in the number of transactions due to an explosion in web3 and NFT activity, but the supply increase continues to slow (with an eventual move to Proof of Stake, which will have a stable rate of ETH generation)
I think there's plenty of room to go down, and plenty to go back up once we go down. Let's hope nobody invents anything significantly better in the next few years!
