In an interesting piece of data shared by a popular analyst, Stockmoney Lizards has shared his bold opinion on Ethereum’s future, claiming that the once-dominant smart contract platform might be losing its relevance.
According to the analyst, Ethereum’s core use case—smart contracts—is rapidly diminishing, and its much-anticipated “Merge” event has had little impact on the token’s price, even though ETH has become deflationary.
Let’s dive deeper into the analyst’s arguments and explore the potential implications for Ethereum’s future.
A key issue raised by the analyst is the growing competition from alternative networks offering higher staking returns, which is making Ethereum less attractive to investors. With no standout new features or unique selling points, the platform’s future role in the crypto market is being called into question.
Stockmoney Lizards also analyzed the ETH/BTC trading pair, illustrating how Ethereum’s performance has measured up against Bitcoin over the years. Historically, Ethereum has maintained a long-term support level against Bitcoin since 2016, but the analyst warns that repeated tests of this support could weaken it. Should Ethereum lose its grip on this crucial level, it could lead to Bitcoin outperforming ETH in the near future.
Despite these concerns, Ethereum’s price is nearing a key resistance level at $2,530. A bullish breakout could propel the price to test the $2,800 range within the next month. However, if the bulls fail to overcome the descending channel pattern, Ethereum could drop to $2,100 in the coming weeks. The market’s next move hinges on whether bullish momentum can maintain control or if rejection leads to a deeper pullback.
Adding to the bearish outlook, a recent transfer of 150,000 ETH to exchanges has raised alarm among market watchers. This sizable movement could signal increased selling pressure, potentially dampening market sentiment and creating liquidity issues. Analysts advise traders to stay vigilant, as this development might impact Ethereum’s short-term price action.
Also Check Out: Altcoins on the Verge of a Massive Explosion: TIA, IMX, and ICP Prices Set to Shoot Up
Is Ethereum’s best days behind it? Let us know your take on the future of this cryptocurrency giant.
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