ETH ETF Price Action: Standard "Sell the News" Chop or Early Accumulation?

ETH has been pretty hard to read lately. With all the ETF talk, I honestly expected the move to feel cleaner, but the price action still looks choppy to me.

Every time ETH pushes up, it feels like sellers show up pretty fast. At the same time, it also doesn't really look like the market has fully given up on the ETF story. So I’m stuck between thinking this is just a normal sell-the-news reaction, or maybe the early stage before actual inflows matter more.

What makes it more confusing is BTC dominance still holding up. If this was a clear ETH rotation, I'd expect ETH/BTC to look stronger, but right now it feels more like the whole market is just waiting for confirmation.

The levels I'm watching are around $3k if things get weak, and maybe $3.6k to $4k if buyers actually take control again. Funding also doesn't look insanely euphoric from what I checked, so it doesn't feel like everyone is blindly long yet.

I was looking at the charts on MEXC earlier to compare the ETH spot and perp movements, and it seemed like the broader market is just in a chop phase rather than a strong, ETH-only narrative. Volume is there, but the direction isn't.

Still not sure if this is a good dip setup or just another crowded ETF trade losing steam. Are you guys treating this range as a structural accumulation zone, or waiting for the ETH/BTC pair to show clear strength first? Would love to hear how you're managing risk here.