Ethereum FUD shows no signs of slowing down, even though the price of the underlying asset is still falling. ETH has plunged more than 5% in the past 24 hours, falling from an intraday high of just over $2,600 to a low of $2,460.
Although it has recovered slightly to trade at $2,550 at the time of writing, it remains depressed, having fallen more than 7% from its October high of $2,760 on Monday.
Additionally, the ETH/BTC ratio continued to decline, dropping to 0.0375 on October 23, the lowest level since April 2021, according to Tradingview.
ITC Crypto founder Benjamin Cowed observed the new low and predicted the next stop at 0.036. But he added that a new low would come by the end of the year or early January at the latest.
#ETH / #BTC I just took the previous low price. As mentioned earlier, if 0.038 is not applicable, the next stop could be 0.036. Structurally, I think the low will be there by the end of the year (at the latest the second week of January).
If 0.038 fails, the next target is 0.036, the 2016 high.
As mentioned about 3… https://t.co/0VBNPOoTHr pic.twitter.com/oEsJPzDlJg
— Benjamin Cowen (@intocryptoverse) October 23, 2024
Ethereum Bulls Steadfast
Ethereum remains bullish despite a flood of FUD against the world's second-largest digital asset. On October 24th, Ethereum educator Anthony Sasano wondered why people were so anti-ETH, asking if they were just “in a band.”
“In my opinion, the biggest complaint people have about Ethereum is that it's slow and expensive, but that only applies to layer 1/mainnet,” he said.
But Layer 2 networks are fast and cheap, and there's a lot of activity happening on them, he added, and they're hitting new all-time highs every other day. In fact, according to L2beat, the total value locked across the L2 ecosystem is around $37.4 billion and has remained stable over the past seven months.
Sassano cited other “complaints” such as concerns about Layer 2 centralization and fragmentation, value leakage from Ethereum FUD, and marketing issues before concluding that the real complaint was about price performance. I mentioned it.
“These complaints only seem to exist when ETH is trading weakly against other assets. Price drives sentiment.”
Do people actually know why they hate Ethereum, or are they just playing in a band?
In my opinion, the biggest complaint people have about Ethereum is that it's “slow and expensive”, but that only applies to L1/mainnet (and this is a result of the way Ethereum is designed).
layer…
— sassal.eth/acc (@sassal0x) October 23, 2024
Fellow Etherean Ryan Sean Adams added that the reason ETH price hasn't skyrocketed is after too many people chose to be bearish.
“The only thing ETH lacks at the moment is confidence, but that could change overnight.”
He said the criticisms were “okay but now they've become too exaggerated” because Ethereum is “destroying them in every possible way”, which is never enough for critics. Probably not.
Where next for ETH?
Cryptocurrency X analysts are largely bearish on ETH, predicting further losses as mocking memes and tribalism escalate.
In fact, ETH could move in tandem with Bitcoin, as it has for the past two cycles. However, until BTC hits a new all-time high and moves into price discovery, ETH is likely to remain in a lethargic state trading sideways at mid-$2,000 levels.
— Nate Geraci (@NateGeraci) October 24, 2024
Binance Free $600 (Exclusive to CryptoPotato): Receive an exclusive welcome offer of $600 on Binance when you register a new account using this link (Full details).
BYDFi Exchange 2024 limited offer: Welcome reward up to $2,888. Register using this link and open a 100 USDT-M position for free!
