Trader Eugene Ng Ah Sio stated in a post on X platform that during this bull market cycle, ETH's performance has been inferior to SOL and BTC. Pessimists believe that ETH's lack of a user-friendly architecture and selling points are key reasons. Although this is largely correct, the market does not always move in one direction. He believes that the most important factor is still the current position of the ETH market.
For the past few months, ETH has been the most favored asset among the natives of the crypto field, especially when ETH ETF was announced. However, since the ETF was launched, the inflow of funds has been disappointing, causing only buyers who arbitrage ETHE to become the ultimate winners. Most of the positions that were bullish on the future were washed out in the volatility of the coin price. Currently, the ETH market is facing extreme negative sentiment and large OG whales surrendering. This means that ETH's current positioning may be at its lowest point in history.
In addition, Eugene believes that the weakness of competitor SOL is another reason. SOL's unique selling point lies in the prosperity of Meme coins, which is now being challenged. Currently, two other ecosystems have launched Pumpfun imitations, and some popular Meme coins have appeared. Coupled with the fact that SOL ETF will not appear for a period of time, he now suspects that the market will have a large number of long positions in SOL being closed out.
Although these factors may not be enough to trigger a significant increase in ETH, sometimes it only takes a "last-minute push" to trigger a bigger market. Only time can prove whether this conclusion is premature or whether it is the beginning of a long-term structural bullish trend. But if this is the case now, it will no longer be possible to buy ETH at today's price.
