After having covered Bitcoin mining and DeFi on SA, I now turn to Ethereum, which should become more popular due to its ability to support smart contracts, which is revolutionizing finance.Hence, I consider both Grayscale trusts, one providing Ethereum (ETH) and the other Ethereum Classic (ETC) exposure, the risks, and alternative investments.For this purpose, I analyze the performance of their underlying crypto assets, giving special attention to ETC, held by Grayscale Ethereum Classic Trust (ETCG), because of past vulnerabilities.As for ETH, Grayscale Ethereum Trust's (ETHE) underlying asset, I provide insights as to the total locked value (TVL) for DeFi.In light of DeFi potential, plus the fact that they are both at a discount to NAV, I am bullish on both ETHE and ETCG.