According to BlockBeats, on August 23, top trader Eugene Ng Ah Sio shared insights on social media regarding Ethereum's (ETH) performance during the current bull market cycle. He noted that ETH has underperformed compared to Solana (SOL) and Bitcoin (BTC). Pessimists attribute this to ETH's lack of retail-friendly architecture and selling points. While this perspective holds some truth, the market does not always move in one direction. The most crucial factor remains ETH's current market position.

For several months, ETH has been a favoured asset among crypto natives, especially following the announcement of the ETH ETF. However, the ETF's launch has seen disappointing capital inflows, making arbitrage ETHE buyers the primary beneficiaries. Many positions that were optimistic about the future market have been shaken out amid price fluctuations. The ETH market is experiencing extreme negative sentiment and significant OG whale capitulation, suggesting that ETH might be at its lowest position ever.

Additionally, Eugene pointed out that the weakening of competitor SOL is another contributing factor. SOL's unique selling point has been the boom in meme coins, but this advantage is now being challenged. Two other ecosystems have launched Pumpfun clones, resulting in some popular meme coins. Furthermore, with no SOL ETF expected in the near term, Eugene suspects that a substantial number of SOL long positions may be closed.

While these factors may not be sufficient to trigger a significant ETH rally, sometimes only a small push is needed to spark a larger market movement. Only time will tell if it is too early to draw such conclusions or if this marks the beginning of a long-term structural bullish shift. If this is indeed a pivotal moment, it may no longer be possible to buy ETH at today's prices.