Ethereum prices continue to fall, but bulls remain defiant

Ethereum FUD shows no signs of slowing down while underlying asset prices remain weak. ETH fell more than 5% in the past 24 hours, moving from an intraday high of just over $2,600 to a low of $2,460.

It has recovered marginally to trade at $2,550 at the time of writing, but remains weak, having lost more than 7% from its October high of $2,760 on Monday.

Additionally, the ETH/BTC ratio continues to fall to 0.0375 on October 23, its lowest level since April 2021, according to Tradingview.

ITC Crypto founder Benjamin Cowed noted the new low and predicted the next stop at 0.036. However, he added that the new minimum will arrive before the end of the year or the beginning of January at the latest.

#ETH / #BTC just removed the previous bass. Like I said, if 0.038 doesn’t hold, 0.036 is likely to be the next stop. Structurally, I think the low will be before EOY (2nd week of January at the latest).

The next likely target if 0.038 fails is the 2016 high of 0.036.

Like I said for 3… https://t.co/0VBNPOoTHr pic.twitter.com/oEsJPzDlJg

— Benjamin Cowen (@intocryptoverse) October 23, 2024

Ethereum Bulls Steadfast

Ethereum remains bullish despite the deluge of FUD for the world’s second-largest digital asset. On October 24, Ethereum educator Anthony Sassano questioned why people were so anti-ETH, wondering if they were just “running on the sidelines.”

“From my perspective, the biggest complaint people have with Ethereum is that it’s ‘slow and expensive,’ but that’s only true for layer 1/mainnet,” he observed.

However, Layer 2 networks are fast, cheap and have a lot of activity on them, setting new all-time highs every other day, he added. In fact, the total value of the locked L2 ecosystem is around $37.4 billion and has remained stable over the past seven months, according to L2beat.

Sassano listed other “complaints” that included concerns about layer 2 centralization and fragmentation, value leaving Ethereum FUD, and marketing issues before concluding that the real complaint is about price performance.

“These complaints only seem to exist when ETH is trading weakly against other assets – price drives sentiment.”

Do people actually know why they don’t like Ethereum or are they just bandits?

From my point of view, the biggest complaint people have with Ethereum is that it’s “slow and expensive”, but that’s only true for L1/mainnet (and that’s a consequence of the way it’s designed) .

Layer…

— sassal.eth/acc (@sassal0x) October 23, 2024

Fellow Ether Ryan Sean Adams said the reason ETH prices haven’t risen is because many have chosen to be bearish before adding:

“The only thing ETH lacks right now is trust, but that can change overnight.”

He said the criticism “was fine, but now it’s overblown” as Ethereum is “crushing it in every possible way,” but that will never be good enough for its critics.

Where next for ETH?

Crypto X analysts are largely bearish on ETH, predicting more losses as mocking memes and tribalism increase.

In reality, ETH is likely to move in tandem with Bitcoin, as it has for the past two cycles. However, until BTC makes a new all-time high and goes into price discovery, ETH is likely to remain in its lethargic state of sideways trading at an average level of $2,000.

pic.twitter.com/hsk6QC1mlk

— Nate Geraci (@NateGeraci) October 24, 2024

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