Ethereum

Major

Solana

Strong

BlackRock

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/ethereum-defies-pessimism-and-shows-signs-of-recovery/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Ethereum Defies Pessimism and Shows Signs of Recovery</a> 
Recent declines in Ethereum have sparked comments declaring “Ethereum is dead.” The ETH/BTC pair’s multi-year lows further reinforce this perception. However, some experts oppose this view based on on-chain data, predicting a potential recovery for Ethereum.
<h2 style="text-align: justify" id="strong-supporters-counteract-pessimism-strong">Supporters Counteract Pessimism</h2>
The market has entered a phase where support for Solana over Ethereum is increasing. Nevertheless, numerous experts assert that the world’s largest <a href="https://en.coin-turk.com/why-are-bitcoin-and-altcoins-down-binance-ceo-changpeng-zhao-may-be-behind-the-down/" data-wpel-link="internal" rel="noopener noreferrer nofollow">altcoin</a> still holds a robust position. According to a 10X Research report, Ethereum’s weekly stochastic indicators are at low levels. Dropping below 10%, this indicator historically signals a trend reversal, suggesting that Ethereum might have hit a bottom.
Ethereum’s daily trading volume remains very active, indicating strong demand for the altcoin. With daily trading volume at $12.2 billion, it ranks second after Bitcoin’s $21 billion. In contrast, Solana’s daily trading volume is just $2.7 billion. These figures reveal that Ethereum continues to attract more interest compared to Solana.
“They say Ethereum is done at low levels, but it still forms peaks and troughs. Remember, $<a href="https://en.coin-turk.com/solanas-price-surge-in-the-crypto-market/" data-wpel-link="internal" rel="noopener noreferrer nofollow">SOL</a> was ‘dead’ at $10,” remarks market commentator Income Sharks.
<h2 style="text-align: justify" id="strong-can-ethereum-s-price-rebound-strong">Can Ethereum’s Price Rebound?</h2>
Despite a weekly drop of 7.64%, Ethereum holds steady at the $2,500 mark. Market analysts suggest that Ethereum has significant recovery potential. ETH supporter VivekVentures emphasizes three factors supporting the altcoin’s upward movement.
<ul style="text-align: justify">
 <li>Fundamental Situation: Despite pessimism, institutional investors are leaning towards Ethereum. BlackRock has launched its first tokenized fund on Ethereum, while Visa has announced asset tokenization. Major companies like WisdomTree and <a href="https://en.coin-turk.com/gate-ventures-and-abu-dhabi-blockchain-center-launch-new-fund/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Coinbase</a> continue to develop products on Ethereum.</li>
 <li>Psychological Impact: Vivek points out that Ethereum is not sufficiently supported by most investors, creating a “contrarian” opportunity.</li>
 <li>Technical Outlook: Ethereum has been competing with Bitcoin for years. Although the ETH/BTC pair has struggled since the Merge, VivekVentures recalls a similar stagnation in 2020, after which ETH/BTC tripled in the first half of 2021.</li>
</ul>
Strong on-chain data and technological advancements for Ethereum maintain its upside potential despite price decline expectations. Institutional interest and positive technical signals attract investor attention, indicating Ethereum’s recovery potential.
The post <a href="https://en.coin-turk.com/ethereum-defies-pessimism-and-shows-signs-of-recovery/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Ethereum Defies Pessimism and Shows Signs of Recovery</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal" rel="noopener noreferrer nofollow">COINTURK NEWS</a>.

Ethereum Defies Pessimism and Shows Signs of Recovery

Table of Contents

COINTURK NEWS

Other articles published on Oct 28, 2024

After Predicting Solana’s 2021 Rise, This Expert Forecasts a 10,000% Increase for This AI Token

Do Betting Odds Know Best?

Outage During Airdrop: This Altcoin Takes a Dive!

HKEX launches digital asset index as Hong Kong expands crypto licensing

Why Bitcoin Investors Are Wary of a Kamala Harris Win in the U.S. Election

Victims of the WazirX hack are preparing a class-action lawsuit to recover over $600,000 in lost ...

Join our free newsletter for daily crypto updates!