In an interesting data shared by a well-known analyst, Stockmoney Lizards shared his bold view on the future of Ethereum, claiming that the once-dominant smart contract platform may be losing its relevance. According to the analyst, Ethereum’s core use case — smart contracts — is rapidly decreasing, and although ETH has experienced deflation, its much-anticipated “merger” event has had little impact on the token price.

Is Ethereum dead? Analysts weigh in

A key issue is that the rise of competing networks offering higher staking rewards has made Ethereum less attractive to investors. This, combined with the lack of a new unique selling point, has raised concerns about Ethereum’s future positioning in the cryptocurrency space.

The analyst also shared a chart analyzing the ETH/BTC pair, illustrating Ethereum's performance against Bitcoin over time. Historically, the long-term trendline has shown Ethereum support against Bitcoin since 2016, but analysts warn that support levels tend to weaken after multiple tests. If Ethereum fails to hold this key level, it could signal a market downturn and Bitcoin will outperform ETH.

ETH Price: Current Market Conditions

Despite the negative factors, Ethereum price is approaching a critical resistance level of $2,530. A bullish breakout could push ETH to test its upper target of $2.8K in the next month. However, if the bulls face resistance and fail to break out of the current descending channel pattern, ETH could drop to $2.1K in the coming weeks. The next move depends on whether the bullish momentum can be maintained or if the rejection will lead to a pullback.

Nonetheless, analysts are also pessimistic as the sudden mass transfer of 150,000 Ethereum to exchanges raises concerns as it could signal potential selling pressure. The move could negatively impact market sentiment and create liquidity issues, urging traders to remain cautious and monitor the situation closely.

#币安上线CATI #DODO助力Meme发行 #BNBChain与Telegram集成