ChainCatcher news, Coinbase said in a research report on Wednesday that ETH's performance this year has lagged behind the broader crypto market, but its long-term positioning remains strong and has the potential to unexpectedly rise.

The report said: "Ethereum may unexpectedly rise in the coming months. The cryptocurrency has no "major source of excess supply" such as token unlocking or pressure from miner sales. In our view, ETH's position as the center of DeFi is unlikely to be replaced due to the widespread adoption of the Ethereum Virtual Machine (EVM) and its Layer 2 innovations."