While we may not see further downside pressure from the events currently suppressing the market, there's still all the ETH2.0 coins to be unlocked and the mtgox coins waiting to hit the market.
Not all no, most are locked up in Lido as stETH and as we've already seen in recent weeks investors aren't waiting to redeem their stETH 1:1 with ETH, they seem quite happy to sell at a 5-10% discount, knowing price could easily be 5-10% lower than current price when 2.0 launches. Or others simply wanting more liquidity for any potential (anticipated?) further downside. Sure there will be others that will be keen to unstake and sell that are running nodes, given that prices are back to where most would have locked them up, but overall I think this is an issue for the wider altcoin market, thus unrelated to Bitcoin.
Thinks like Luna dumping BTC treasury affects Bitcoin, DeFi liquidations that were leveraged with WBTC (Wrapped BTC), 3AC insolvency when enough was long on Bitcoin, but locked Ethereum? I don't see the relevance at all, only that ETH will likely dump fruther against BTC in the near future, not necessarily USD either. We've seen this enough times with bitcoin seasons that can remain immune to shitcoinery.
That doesn't rule out Bitcoin recovering, to me it only suggests a 2019 scenario of a considerable Bitcoin recovery, followed by more carnage in the shitcoin market.