After the delivery of Ethereum options at 4 o'clock, a spiral rise. How will ETH's future market perform? Can it still be held?
Amidst the sea of green, a splash of red, the biggest conspiracy in the crypto world: ETH.
Recently, ETH seems to have lost some of its momentum to Solana (SOL). With the exchange rate of Ether against Bitcoin dropping, the FUD (Fear, Uncertainty, and Doubt) surrounding Ethereum has been growing stronger. Developers are busy trying to extinguish this raging fire.
In the short term, it can definitely still be held. Typically, the exchange rate between ETH and BTC is at a low point, and there are many bottom-fishing opportunities, making rebounds likely.
However, in the long run, Ethereum is fundamentally not worth this price. The predicament it faces now is the loss of the USDT transfer network, which may not have been intentional on its part, but rather due to foreign management issues. If it were managed by Chinese, gas fees might have been adjusted directly.
Then there’s the homogenization of application public chains. Since there are meme coins on the same chain, why not choose one with lower gas fees?
Ethereum still holds its current price because so much capital is tied up in it, having entered so many centralized exchanges globally, and so many wallets holding and using it. The second factor is the ETF approval, along with the many path-dependent believers.
This does not mean that in the next bull market, Ethereum's price won't exceed £8000 or even £10,000, but whether this bull market is Ethereum's final climax is hard to say. Those heavily invested in Ethereum during this bull market are certainly the most disappointed group. Gains and losses are intertwined; those who became wealthy through Ethereum are also experiencing the pain now. The joy you once endured will be matched by the pain you feel today. In the crypto market, we suffer and find joy together.
Overall, this recent situation with Ethereum has indeed reignited bearish sentiments in the market. However, we also see that there are many who are optimistic about Ethereum. If it were you, would you continue to hold Ethereum? Leave your thoughts in the comments. If you’re unsure about what to do next, feel free to reach out to me, and I’ll provide you with answers.
