Ethereum
What is happening with Ethereum (ETH)? 10x Researcher Shares Intriguing Shots
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Markus Thielen, CEO of Research at 10x Research, highlighted EthereumThe trajectory of, suggesting a potential decline to $2,500. His analysis highlights the weak fundamentals of the Ethereum network which could not only affect its value, but also pose an obstacle to Bitcoin’s progress.
Ethereum, often touted as the backbone of the decentralized finance (DeFi) and non-fungible token (NFT) ecosystem, has long been considered the cornerstone of the cryptocurrency market. However, in the current cycle, Ethereum remains a basket case.
According to 10x finder, Ethereum was the driving force of the 2020/2021 cycle as it was intended to replace the old banking system. NFT minting has opened new avenues for the acceptance of cryptocurrencies, which may have evolved into other personalized documents on the blockchain, leading to widespread “wallet” adoption. However, Ethereum developers did not react quickly enough.
The inability to Ethereum Developers The need to react quickly to a major opportunity for the ETH ecosystem and a host of other variables has weighed on Ethereum’s fundamentals, casting doubt on its prospects.
According to Thielen, the implications of Ethereum’s weak fundamentals extend beyond its ecosystem. Thielen highlights a strong correlation between Bitcoin and Ethereum, with an R square of 95%. Ethereum’s weak fundamentals are becoming an obstacle for Bitcoin, preventing large-scale fiat currency inflows into the cryptocurrency ecosystem, he says.
Thielen’s forecast coincides with a period of increased uncertainty and volatility, with the cryptocurrency market under selling pressure. At the time of writing, ETH fell 4.32% in the past 24 hours to $2,902, matching the sell-off in the broader cryptocurrency market.
According to Glassnode, amid the hype and market rally surrounding the approval of spot Bitcoin ETFs, the unrealized profits of Bitcoin holders have grown much faster than those of Ethereum investors. The Bitcoin NUPL metric surpassed 0.5 and reached the euphoria phase three months before the equivalent metric for Ethereum.
About the Author
Tomiwabold Olajide
Tomiwabold is an experienced cryptocurrency analyst and technical analyst. It pays special attention to cryptocurrency research, performing comprehensive price analysis and trading forecasts on estimated market trends. Tomiwabold graduated from the University of Lagos.