- Ran Neuner, historically a strong supporter of Ethereum, had previously shifted some of his holdings to Solana and favours it over ETH.
- Despite Ethereum’s recent ETF approval, he believes ETH has underperformed so far.
- While Neuner points to poor sentiment, he suggests that buying the dip in Ethereum, if one believes in its fundamentals, could present an opportunity.
Host and founder of Crypto Banter, Ran Neuner believes Ethereum may be on its way down and not worth much as an asset any longer (although – spoiler alert – there could be a twist here). He says this despite being involved with ETH since the time of initial coin offerings (ICO).
Related: NEAR Protocol Surges After Launching Chain Signatures for DeFi and Bitcoin
And while Neuner has been accumulating Ethereum all the way since those ICO days, he also admits he sold a large part of his ETH for SOL a while back.
It’s a mix of technical analysis and fundamentals he points at for his bearish stance on ETH. Neuner says despite just having had Spot Ethereum exchange-traded funds (ETFs) approved in the United States, the price of ETH lacks severely behind expectations. And, well the ETH/ USD chart shows it:
This chart is a sight for sore eyes. This is the chart of a token that just had an ETF approved.
Ran Neuner
Neuner also points to the very low sentiment around Ethereum and as one user on platform X puts it, whatever happens to the market, ETH is down.
Other X users lamented the low returns they expect from ETH, saying it gives at best a 2X return, while others compared ETH to Litecoin or Zcash.
Trading Legend Backs Up Neuner’s Thesis on ETH
Peter Brandt, who has been a trader since 1975, comes to Neuner’s support – although he isn’t much concerned about blockchain technology, focusing more on technical analysis. Brandt says, the “clear winner”: Solana over Ethereum.
He says ETH loses out because it’s “cumbersome, expensive, flawed, claims to be decentralized when it’s not”. On the other hand, Brandt says SOL is “user friendly, [has a] great foundation [and] $SOL should gain 100% on $ETH in months ahead”.
He responds to those who defend Ethereum and claim it’s “fixing things”, by pointing to why it needs fixing in the first place:
Doesn’t it tell you something is wrong that ETH is always needing a fix? Kind of like U.S. built autos.
Peter BrandtIf you made it this far, congratulations, because here’s the promised twist. Neuner draws a conclusion out of all the negative sentiment and FUD around ETH: if you believe in the fundamentals, you should buy the dip, Neuner says.
Although he more fundamentally believes in Solana, he also says:
When we are at a point where a protocol that is definitely working has all the headwinds in the world, but we expect the protocol to actually come out of it, that is the time when you should actually be buying.
Ran NeunerX user Market Prophit also shares that view, indicating that the “crowd” may be bearish on Ethereum, but “smart money” is bullish.
Neuner also highlights that buyers of ETH ETFs are largely indifferent to market sentiment on platform X, saying they “just see ETH as a cheaper Bitcoin”.
Related: Michael Saylor Reveals He Owns Over US$1 Billion in Bitcoin Personally
And sassal0x agrees, saying that based on their past experience negativity is followed by “price action while Ethereum’s fundamentals are super strong and development continues at a very nice pace”.
Credit: Source link
