Ethereum Capitulation Nearing Its End? Key On-Chain Metric Reveals Insights :
According to a recent X post by seasoned crypto analyst Ali Martinez, Ethereum (ETH) may have already gone through its capitulation phase for this market cycle. Notably, the second-largest cryptocurrency by market cap is down more than 55% over the past year.
Is Ethereum Capitulation Over?
Unlike Bitcoin (BTC) and altcoins such as XRP, Solana (SOL), and SUI, Ethereum has endured a challenging two-year stretch. The cryptocurrency was trading at $1,892 exactly two years ago, on April 11, 2023, and is now priced around $1,560 – over 17% lower.
In contrast, BTC has surged from approximately $41,000 two years ago to $82,127 at the time of writing – an increase of nearly 100%. While SOL currently trades below its April 2023 price, unlike ETH, it did manage to reach a new all-time high (ATH) of $293 earlier this year in January.
Understandably, sentiment toward ETH – among both retail and institutional investors – is hovering near all-time lows. However, Martinez believes that “smart money” may be accumulating at current levels, anticipating a near-term reversal.
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