2024 has been a year of recovery for Ethereum, with the coin's price rising more than 38% in 12 months after a significant drop from all-time highs. Ethereum is currently trading at $2,475.28, and while it has certainly rebounded from its previous lows, ETH is not out of the woods yet. Ethereum has lost market share to a number of younger altcoins this year, from Solana to even younger newcomers who are carving out their own niches and challenging ETH's supremacy in the Dapps, tokens, and utilities space.
Based on today’s technicals on TradingView, Ethereum is in “strong sell” territory, with the momentum and MACD level oscillators also suggesting sell action. Ethereum’s price performance has also been a bit stagnant over the last month, dropping 5.5% in 30 days. So, while Ethereum remains strong, widely respected, and has high adoption and usage rates, it shows no signs of reaching the $10,000 price range, at least not yet.
The main themes and storylines of the new Ethereum are that Ethereum is lagging behind many new altcoins, and that ETH has had issues in the past (high gas costs) that have driven many Dapp developers, traders, and users. , relatively low transaction speeds) have yet to be overcome. It will be part of a younger, better performing and more cost effective chain. ETH founder Vitalik Buterin admits the need to compete with younger competitors, but his plans to improve gas fee costs and increase transaction speeds on Ethereum are a sign that other ETH users It may not happen quickly enough to stop the flow into the chain.
