There is no gray in area in spreading FUD's. It's all black area therefore, it is unethical.
I mean is there a time where spreading a FUD became ethical?
Absolutely unethical i agree to that but how about the people who knew well about the crypto market? I think they secretly wish weak hands will bite into the FUD to bring bitcoin price down and they can buy at a cheaper price. All of us here might say the same thing that spreading FUD is unethical but we cannot blame those people who are spreading bad news because there are also people that doesnt do their own research before investing.