Ethereum (ETH) has achieved a significant milestone by successfully hedging against a 30% decline for over 495 days. This trend highlights the resilience of Ethereum, even in the midst of the previous crypto winter. However, Ethereum has yet to reach its All-Time High (ATH) price of $4,891, which was set in November 2021.
One notable aspect of Ethereum is its ability to mitigate steeper declines. While the current data shows that the coin is 32.96% below its ATH, other competing Layer-1 protocols such as Cardano (ADA) and Avalanche (AVAX) have experienced declines of 80.33% and 61.33% respectively.
Renowned market analyst and CEO of Into The Cryptoverse, Benjamin Cowen, has observed this trend. He shared charts that clearly show minimal slips in Ethereum’s price since mid-2022. Despite the ongoing market downturn, Ethereum’s price currently stands at $3,235.22, reflecting a 9.17% decline in the past 24 hours.
Cowen’s observation is supported by data showing that Ethereum’s price has only slipped by 19.28% over the past 7 days. Furthermore, Ethereum has seen an 11% increase in valuation over the past year.
When asked about the prospect of buying Ethereum, Cowen expressed a more bullish stance on Bitcoin, as the value of ETH continues to decline 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 prospects for future survival.
While Cowen’s analysis considers price trends over several months, prominent Ethereum advocates remain optimistic about the network’s future. They are particularly hopeful about the Dencun Upgrade, which has introduced a cost-effective fee system and increased throughput on Ethereum’s Layer-2 scaling solutions. This upgrade has directly benefited L2s like Arbitrum, Optimism, and Base, and could potentially drive increased demand for Ethereum.
In addition to the upgrade and increased demand from scaling solutions, the potential approval of spot Ethereum ETFs and other significant events are likely to prolong the period before a 30% decline occurs.
Please note that this content is for informational purposes only and should not be construed as financial advice. The opinions expressed in this article are those of the author and do not necessarily reflect the views of The Crypto Basic. Readers are advised to conduct their own research before making any investment decisions, and The Crypto Basic is not liable for any financial losses incurred.