Economist Alex Krueger cautioned traders on Ethereum, saying one of ETH's biggest rivals has already reached escape velocity and is likely to continue outperforming. .
In a post on social media platform ” he said.
“Even if Trump wins. When an asset is supposed to go up and does the opposite, that’s what the market is telling you. There are other crypto assets that are good bets. Don’t be stubborn.”
Krueger said he planned to go long ETH and Solana (SOL) on US election night if pro-crypto presidential candidate Donald Trump appeared to have the upper hand.
But now, the trader says he has “scraped away ETH” in pursuit of SOL and other opportunities.
He said the recent meme coin craze on Solana is part of a “degen war,” noting that Ethereum's rivals have been pushed into a more dominant position than Ethereum and its Layer 2 (L2) ecosystem. are.
“Trump’s victory will be positive for altcoins. I am not bearish on ETH/USD, but there are many other coins to be long.
The ETH/BTC chart is in a clear multi-year downtrend with no recent depletion flashes. On-chain activity is moving away from Ethereum. While L2 is surging, the value of ETH has barely increased. Solana reached escape velocity and won the Degen War. And now, a whole new ecosystem is developing around BTC.
So what will it take to turn the fundamentals around and change the trend? What will make ETH deflation again? Why bet on ETH instead of BTC + SOL?
Gensler's exit will allow ETH ETFs to store ETH, which will help make them more attractive. But it would also open the door for the SOL ETF.
I'm not Maxi. I welcome others trying to change my mind. ”
As of this writing, Ethereum is trading at $2,473 and Solana is worth $172.
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