The only bullish thesis I see for $ETH is that it is ranging and consolidating on the macro.

Price has had deviations on both sides of the range and now price is testing the range lows and forming a higher low here after printing a MSS at range highs.
This is all technically true but I personally have low conviction based on the current weakness in the price action and hence been playing $SOL and $BTC.
That said, on a long term perspective, starting to add Spot here isn't a bad plan here imo.