It seems it's all about what BTC will do. But interestingly enough ETH has been moving faster that BTC in this catch up exercise towards 0.08 BTC and progressing well to 0.09, watching this consolidation. Seems like a lot of supply here. NTF demand (increased demand for ETH) and gas prices make it appealing for both end-users and holders. The idea of stacking ETH is reducing supply for now, and may lock some into selling even after the merger. I'm expecting some profit taking by April/May 2022 right after the merger but may occur sooner, as some holders of ETH 1.0 may start to liquidate/frontrun the merge. Looking at ETH option strikes for calls and open interest indicates some bullish action may finally be coming. Perhaps when ETH passes 0.1 BTC or around $5k we may see some interesting action. Although a potential climax topping action in NFT is yet uncertain, it may well occur sometime, increasing the supply for ETH as holders liquidate some overvalued JPEGs and leave them to bagholders. I am a believer in certain NFTs but not all of them.