#CulperResearchOpenlyShortsETH 💥 US-based Culper Research announced it has taken a short position on Ethereum (ETH) and BitMine Immersion Technologies (BMNR) shares as of March 5, 2026. The firm argues that the Fusaka network upgrade in December 2025 permanently damaged Ethereum's tokenomics model and could trigger a "death spiral." 🔎 According to the report, the block space expansion with Fusaka reduced gas fees by approximately 90%; validators' "tips" revenue decreased by 40-50%. This creates a negative cycle that suppresses staking yields and threatens network security. Based on on-chain data, Culper states that 95% of new wallet growth is due to dusting attacks, and a large portion of transaction volume is spam-related. 👉 Vitalik Buterin's planned sale of 16,384 ETH in January is also interpreted as a "loss of insider confidence." The firm also claims that BitMine, headed by Tom Lee, has incurred approximately $7.5 billion in unrealized losses at current prices due to its 4.4 million ETH treasury, rendering the "utility isn't increasing" thesis invalid. Market reaction was immediate: ETH prices plummeted by 2-6.5%, falling to levels around $2,057. The Ethereum community characterized the report as "short-term speculation," highlighting the rapid growth of competitors like Solana. ✨While Culper's arguments accurately reflect Fusaka's short-term fee collapse, Ethereum's resilience from past upgrades and Layer-2 solutions may limit long-term risks. The recovery in staking returns and adoption rate will test the validity of this thesis. This report forces the market to think more critically, placing a responsibility on investors to assess risks in a balanced way. The $2,000 support level for ETH will be critical in the coming days.

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ETH Technical Outlook: Ethereum Stabilizes Near Cycle Base After Extended Correction Ethereum remains within a broad corrective structure after failing to hold above the $3,728–$4,267 resistance cluster, which aligns with the 0.618–0.786 Fibonacci retracement zone. The rejection from this region triggered a sustained downtrend, reinforced by repeated failures at key EMA levels and the loss of multiple structural supports. Price recently declined toward the $1,745 cycle base (Fib 0) before staging a modest recovery. ETH is now consolidating around the $2,050–$2,150 zone, suggesting early stabilization after the impulsive decline, though broader trend conditions remain cautious. EMA Structure (Bearish Bias) 20 EMA: $2,038 50 EMA: $2,288 100 EMA: $2,627 200 EMA: $2,929 Ethereum is trading below all major EMAs, with the 20–50 EMA cluster around $2,040–$2,290 acting as immediate dynamic resistance. The wide separation between short-term and long-term EMAs confirms a mature corrective phase. Upside moves are currently considered relief rallies unless price can reclaim the $2,627–$2,929 region. Fibonacci & Price Structure 1.0 Fib (Cycle High): $4,953 0.786 Fib: $4,267 0.618 Fib: $3,728 0.5 Fib: $3,349 0.382 Fib: $2,920 0.236 Fib: $2,502 Fib 0 (Cycle Base): $1,745 ETH continues to trade below the 0.236 Fib ($2,502), confirming structural weakness in the current market phase. The recent reaction from $1,745 indicates the presence of macro demand, while the consolidation between $2,000–$2,150 reflects a temporary balance between buyers and sellers after the aggressive selloff. A sustained reclaim of $2,500 would be required to initiate a broader corrective rebound, while failure to hold above $1,900–$1,745 would expose Ethereum to further downside expansion. RSI Momentum RSI is currently around 49–50, reflecting neutral momentum conditions. The indicator has recovered from oversold levels but remains below strong bullish territory, suggesting that the market is stabilizing rather than entering a confirmed reversal phase. 📊 Key Levels Resistance $2,150–$2,300 (20 / 50 EMA zone) $2,502 (0.236 Fib) $2,920 (0.382 Fib / 200 EMA region) Support $2,000–$1,960 (short-term demand) $1,900 (range support) $1,745 (cycle base / Fib 0) RSI: 49–50 — neutral momentum 📌 Summary Ethereum is consolidating near the macro cycle base after a prolonged corrective decline from the upper Fibonacci retracement zone. While selling momentum has slowed and short-term stabilization is visible, the broader trend structure remains bearish below $2,500. A sustained recovery above $2,500–$2,920 would begin to neutralize downside pressure and open the path toward a larger corrective rebound. Until then, ETH is likely to remain in a base-building phase near the lower range of the current market cycle. $ETH ‌#CryptoMarketBouncesBack