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Why am I bearish on ETH? Say something human First quote: Currently, ETH is around $1,900, with a high point of over 4,900 last year, and it has already been cut off. But I don't think it's over yet. Here are a few reasons that even beginners can understand: 1. The "Deflation Myth" is broken The biggest story of ETH in the past was "destruction > output = less and less = more and more valuable". What about now? L2 has lost all the fees. It only takes 0.22 ETH a week to destroy, and it hasn't been pledged yet. The annual supply is still increasing by 0.85%, and deflation has turned into inflation. The story cannot continue. 2. Compared to BTC, ETH is a brother The ETH/BTC ratio has hit a new low in several years. The meaning is that for cryptocurrencies, funds are more willing to buy BTC rather than ETH. The position of the second is getting more and more unsteady. 3. The big man is running Spot ETH ETFs have been continuously experiencing net outflows, and institutions are voting with their feet. With such high yields on US bonds, isn't it good to make 5% profits while lying down? Why take the risk of a 2.6% pledge return? Smart money has gone to a safer place. 4. The technical side is unsightly 2000 The knife did not pass twice, forming a double top. Now it's in the downward channel, and once it breaks through the key support, it's down to 1600 or even 1500. When the lever plate explodes, there is no bottom to step on. 5. Stablecoins are withdrawing USDC's stablecoins continue to flow out of exchanges, indicating that the entire market is getting fewer bullets. There's no water. How does the boat float?   In summary, it's not that ETH is going to zero, but rather that there is no strong logic of an increase in the short term. The narrative is broken, funds are withdrawn, and technical aspects are broken. Under the triple pressure, shorting has a higher winning rate than longing. ⚠️ The above are personal opinions and do not constitute investment advice. Contract risks are high, novices should not touch high leverage.$ETH