Bullish for ETH... if only the EF shipped on time. The Merge was 'six months away' for about four years, so worth price in delays. But this path is super sexy as it addresses all (except one) key feedback: L1 takes execution back from L2s, privacy, quantum resistance and finality in seconds. The missing part is perhaps ETH tokenomics... although non-issue if reduced fees attract more txs/users. Big IF. Most exciting parts come in 2028+ and Finality by 2029. If bear market continues for longer, buying ETH dips is seductive but each delay is bearish for ETH as competitors like Tempo, Canton etc. are coming after Ethereum's RWA/institutional adoption lunch.(Ignas | DeFi)