The Ethereum FUD is showing no signs of slowing while prices of the underlying asset remain weakened. ETH dumped more than 5% over the past 24 hours, falling 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 it remains weak, having lost more than 7% since its October high of $2,760 on Monday.
Additionally, the ETH/BTC ratio continues to slide, falling to 0.0375 on Oct. 23, its lowest level since April 2021, according to Tradingview.
ITC Crypto founder Benjamin Cowed observed the new low, predicting the next stop at 0.036. However, he added that the new low will be in before the end of the year or early January at the latest.
#ETH / #BTC just took out the prior low. As I said, if 0.038 does not hold, 0.036 is likely the next stop. Structurally, I think the low will be in before EOY (2nd week of January at the latest).
Next likely target if 0.038 fails is the 2016 high of 0.036.
As I have said for 3… https://t.co/0VBNPOoTHr pic.twitter.com/oEsJPzDlJg
— Benjamin Cowen (@intocryptoverse) October 23, 2024
Ethereum Bulls Steadfast
Ethereans remain bullish despite the deluge of FUD for the world’s second-largest digital asset. On Oct. 24, Ethereum educator Anthony Sassano questioned why people were so anti-ETH, asking if they were just “band-wagoning.”
“From my view, the biggest complaint people have with Ethereum is that it’s ‘slow and expensive,’ but that is only true for layer-1/mainnet,” he observed.
However, layer 2 networks are fast, cheap, and have plenty of activity happening on them, setting new all-time highs every other day, he added. In fact, the overall L2 ecosystem total value locked is around $37.4 billion and has remained steady for the past seven months, according to L2beat.
Sassano listed other “complaints” which included layer-2 centralization and fragmentation concerns, value leaving Ethereum FUD, and marketing problems before concluding that the real complaint is about price performance.
“It just seems like these complaints only 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 band-wagoning?
From my view, the biggest complaint people have with Ethereum is that it’s “slow and expensive”, but that is only true for L1/mainnet (and this is a consequence of the way it’s designed).
Layer…
— sassal.eth/acc (@sassal0x) October 23, 2024
Fellow Etherean Ryan Sean Adams said that the reason ETH prices haven’t surged is because too many have chosen to be bearish before adding:
“The only thing ETH lacks right now is confidence – but that can change overnight.”
He said that the criticisms “were fine, but now they’re way overplayed,” as Ethereum is “crushing it in all possible ways,” but this won’t ever be good enough for its critics.
Where Next For ETH?
Analysts on crypto X are largely bearish on ETH, predicting further losses as the mocking memes and tribalism escalate.
In reality, ETH is likely to move in tandem with Bitcoin, as it has done for the past two cycles. However, until BTC makes a new all-time high and moves into price discovery, ETH is likely to remain in its lethargic state of sideways trading at the mid-$2K level.
— Nate Geraci (@NateGeraci) October 24, 2024
