ETH/USD: Ethereum ETF Narrative — Accumulation Zone

Ethereum is forming a base around $3,200 as ETF approval speculation builds.

Thesis

- Spot ETH ETF approval increasingly likely
- ETH/BTC ratio at multi-year lows = catch-up potential
- Layer 2 ecosystem growing rapidly (Base, Arbitrum)
- Restaking narrative (EigenLayer) adding yield opportunity

Levels

- Accumulation: $3,000-3,200
- First target: $3,800 (previous resistance)
- Extended target: $4,500+ (if ETF approved)

DCA into the $3,000-3,200 zone. This is a high-conviction asymmetric bet.