Ethereum (ETH) price has achieved a significant milestone by successfully hedging against a 30% slump for over 495 days. This impressive feat highlights the resilience of Ethereum, even during the challenging periods of the crypto market. Despite not yet reaching its All-Time High (ATH) price of $4,891, which was set in November 2021, Ethereum has proven its ability to withstand steep declines. Currently, the coin is trading 32.96% below its ATH, whereas competing Layer-1 protocols like Cardano (ADA) and Avalanche (AVAX) have experienced much larger declines of 80.33% and 61.33% respectively.
Renowned market analyst and CEO of Into The Cryptoverse, Benjamin Cowen, has observed this trend and shared charts that demonstrate Ethereum’s consistent performance since mid-2022. Despite the ongoing market slump, the price of Ethereum stands at $3,235.22, reflecting a 9.17% decline in the past 24 hours. However, over the past 7 days, Ethereum has only slipped by 19.28%. Furthermore, Ethereum has maintained an impressive 11% increase in valuation over the past year.
When asked about the prospect of buying Ethereum, Benjamin Cowen expressed a more bullish stance on Bitcoin, citing the declining value of ETH on the ETH/BTC chart. Cowen’s preference for Bitcoin over Ethereum is shared by other experienced traders like Peter Brandt, who believe that Ethereum has lower chances of survival in the future.
While Cowen focuses on short-term price trends, prominent Ethereum proponents are optimistic about the network’s future. They believe in the potential of the Dencun Upgrade, which has introduced a cost-effective fee system and increased throughput on Ethereum’s Layer-2 scaling solutions. This upgrade has greatly benefited L2s like Arbitrum, Optimism, and Base, and the increased usage of these platforms may lead to a growing demand for Ethereum. Additionally, the potential approval of spot Ethereum ETFs and other events could prolong the period of the 30% decline.
Please note that this article provides information and should not be considered financial advice. The views expressed in this article are the author’s personal opinions and do not reflect the opinion of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions, and The Crypto Basic is not responsible for any financial losses incurred.