Oil is quietly becoming one of the most important charts to watch if you’re long $ETH The chart is hard to ignore. Crude has been grinding higher since the war began. ETH moved the other way. Now back near $2,100 and still far from its cycle highs. WTI and Brent pushed higher again after Trump’s Strait of Hormuz comments. ETF outflows are adding pressure. Exchange reserves are rising. Whales are distributing. ETH is still underperforming BTC. But the structural case is not dead. 60%+ RWA market share. BlackRock and JPMorgan live on Ethereum. Agentic AI payment rails still point back to ETH. So the real question is simple: Does oil peak before the market loses patience with the thesis?