The Ethereum FUD is showing no signs of slowing while prices of the underlying asset remain weakened.\u00a0ETH dumped more than 5% over the past 24 hours, falling from an intraday high of just over $2,600 to a low of $2,460.<\/p>\n
It has recovered marginally to trade at $2,550 at the time of writing, but it remains weak, having lost more than 7% since its October high of $2,760 on Monday.<\/p>\n
Additionally, the ETH\/BTC ratio continues to slide, falling to 0.0375 on Oct. 23, its lowest level since April 2021, according<\/a> to Tradingview.<\/p>\n ITC Crypto founder Benjamin Cowed observed the new low, predicting the next stop at 0.036. However, he added that the new low will be in before the end of the year or early January at the latest.<\/p>\n #ETH<\/a> \/ #BTC<\/a> just took out the prior low. As I said, if 0.038 does not hold, 0.036 is likely the next stop. Structurally, I think the low will be in before EOY (2nd week of January at the latest).<\/p>\n Next likely target if 0.038 fails is the 2016 high of 0.036.<\/p>\n As I have said for 3\u2026 https:\/\/t.co\/0VBNPOoTHr<\/a> pic.twitter.com\/oEsJPzDlJg<\/a><\/p>\n \u2014 Benjamin Cowen (@intocryptoverse) October 23, 2024<\/a><\/p>\n\n Ethereans remain bullish despite the deluge of FUD<\/a> for the world\u2019s second-largest digital asset.\u00a0On Oct. 24, Ethereum educator Anthony Sassano questioned why people were so anti-ETH, asking if they were just \u201cband-wagoning.\u201d<\/p>\n \u201cFrom my view, the biggest complaint people have with Ethereum is that it\u2019s \u2018slow and expensive,\u2019 but that is only true for layer-1\/mainnet,\u201d he observed.<\/p>\n However, layer 2 networks are fast, cheap, and have plenty of activity happening on them, setting new all-time highs every other day, he added. In fact, the overall L2 ecosystem total value locked is around $37.4 billion and has remained steady for the past seven months, according<\/a> to L2beat.<\/p>\n Sassano listed other \u201ccomplaints\u201d which included layer-2 centralization and fragmentation concerns, value leaving Ethereum FUD, and marketing problems before concluding that the real complaint is about price performance.<\/p>\n \u201cIt just seems like these complaints only exist when ETH is trading weakly against other assets \u2013 price drives sentiment.\u201d<\/p>\n Do people actually know why they don\u2019t like Ethereum or are they just band-wagoning?<\/p>\n From my view, the biggest complaint people have with Ethereum is that it\u2019s \u201cslow and expensive\u201d, but that is only true for L1\/mainnet (and this is a consequence of the way it\u2019s designed).<\/p>\n Layer\u2026<\/p>\n \u2014 sassal.eth\/acc (@sassal0x) October 23, 2024<\/a><\/p>\n\n Fellow Etherean Ryan Sean Adams said that the reason ETH prices haven\u2019t surged is because too many have chosen to be bearish before adding<\/a>:<\/p>\n \u201cThe only thing ETH lacks right now is confidence \u2013 but that can change overnight.\u201d<\/p>\n He said that the criticisms \u201cwere fine, but now they\u2019re way overplayed,\u201d as Ethereum is \u201ccrushing it in all possible ways,\u201d but this won\u2019t ever be good enough for its critics.<\/p>\n Analysts on crypto X are largely bearish on ETH<\/a>, predicting further losses as the mocking memes and tribalism escalate.<\/p>\n In reality, ETH is likely to move in tandem with Bitcoin, as it has done for the past two cycles. However, until BTC makes a new all-time high<\/a> and moves into price discovery, ETH is likely to remain in its lethargic state of sideways trading at the mid-$2K level.<\/p>\n pic.twitter.com\/hsk6QC1mlk<\/a><\/p>\n \u2014 Nate Geraci (@NateGeraci) October 24, 2024<\/a><\/p>\n\n The post Ethereum Prices Continue to Sink But Bulls Remain Defiant<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" The Ethereum FUD is showing no signs of slowing while prices of the underlying asset remain weakened.\u00a0ETH dumped more than 5% over the past 24 hours, falling from an intraday high of just over $2,600 to a low of $2,460. It has recovered marginally to trade at $2,550 at the time of writing, but it […]<\/p>\n","protected":false},"author":0,"featured_media":16087,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-16086","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/16086"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=16086"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/16086\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/16087"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=16086"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=16086"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=16086"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Ethereum Bulls Steadfast<\/h2>\n
Where Next For ETH?<\/h2>\n