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观望还是抄底？顶级交易员：ETH价格或处于历史低位，错过恐失去机会

Watch or bottom? Top traders: ETH price may be at a historical low, missing may lose opportunities.

Futu News ·  Aug 23 16:44

Trader Eugene believes that ETH has performed worse than SOL and BTC in this bull market and may be at a historical low. He mentioned that market sentiment and the weakening of SOL could lead to changes, and it is still to be determined whether the current situation is the starting point of a long-term bullish trend.

(According to BlockBeats) On August 23, top trader Eugene Ng pointed out in a post on X that in the recent cycle, $Ethereum (ETH.CC)$ performed worse than $Solana (SOL.CC)$ and $Bitcoin (BTC.CC)$ . Pessimists attribute this to ETH's lack of a user-friendly architecture and selling points. Eugene believes that the most important factor in determining ETH's prospects is its current position in the market.

Image source: X
Image source: X

In recent months, ethereum has been favored by the native community within the cryptocurrency space, especially with the launch of the ethereum ETF. However, after the ETF was launched, the inflow of funds did not meet expectations, leading to profits only for those arbitraging investors. Most investors who were bullish on the future of ethereum were forced to exit due to price fluctuations. Currently, ethereum is facing extreme market pessimism and selling pressure from large early holders (OG), indicating that ethereum's market positioning may be at a historical low. $Grayscale Ethereum Trust (ETHE.US)$ Image source: The Block

Eugene also pointed out that one of the reasons causing the market change may be the weakness of the competitor solana. Solana's unique selling point lies in the thriving meme coin market, which is currently facing challenges. At present, two other ecosystems have launched similar products to Pumpfun and some popular meme coins have emerged. In addition, the solana ETF will not be launched in the short term, leading him to suspect that there may be a large number of long liquidations in the solana market. On Tuesday, the SEC rejected Cboe BZX's application for a Solana spot ETF 19b-4.
Eugene also pointed out that one of the reasons causing the market change may be the weakness of the competitor solana. Solana's unique selling point lies in the thriving meme coin market, which is currently facing challenges. At present, two other ecosystems have launched similar products to Pumpfun and some popular meme coins have emerged. In addition, the solana ETF will not be launched in the short term, leading him to suspect that there may be a large number of long liquidations in the solana market. On Tuesday, the SEC rejected Cboe BZX's application for a Solana spot ETF 19b-4.

Image source: The Block

Although these factors are not enough to cause a significant rise in ETH, sometimes all it takes is a little push to bring about larger market fluctuations. Only time will tell whether this conclusion is premature or if it marks the beginning of a long-term bullish trend. If the current price is indeed at a low point, it may be difficult to buy ETH at this price in the future.

Yesterday (August 22), Ethereum co-founder Vitalik listed ten supporting points to demonstrate the strong fundamentals of Ethereum.

Edited by/Andreswang

The translation is provided by third-party software.


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