Ethereum is the “most cursed” cryptocurrency coin – what haunts it?

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This article is also available in Spanish.

Crypto analyst Adam (@abetrade) sparked considerable debate by stating that Ethereum is the “most cursed coin in the world,” suggesting that despite a noticeable augment in overall interest in the market, the second-largest cryptocurrency remains stubbornly below its potential.

Why Ethereum seems to be cursed

In conversation with his 178,000 followers on X, Adam pointed to the striking augment in Ethereum-related open interest, noting: “ETH’s title as the most cursed coin in the world is well deserved, as open interest in the coin has increased 110% since August, even though the price is 20% lower than its 2024 highs ; this is really a bad thing.”

Ethereum Price Analysis | Source: X @abetrade

In his opinion, this discrepancy between investor enthusiasm and the coin’s continued price stagnation points to a fundamental gap that cannot be explained by straightforward market volatility. He stressed that this energetic appears to create a paradox: while higher open interest often suggests growing market confidence, Ethereum’s price trajectory does not reflect such optimism, potentially due to selling pressure from the spot market.

Adam then characterized many of Ethereum’s most steadfast supporters as “delusional” – especially those who continue to long for ETH in the futures market – pointing out that they seem ready to augment their ETH holdings whenever the asset’s value drops. While his stance was critical, he also acknowledged that buyer resilience could set the stage for a more pronounced move in the future.

“At the same time, you can see how these people are delusional and rather than give up, they prefer to buy more whenever they have the opportunity,” he said, reflecting both his skepticism of what he interprets as blind faith and his appreciation of the potential commercial opportunity that is being created.

Outlining two possible scenarios – one where a sudden liquidation could bring ETH below the $3,000 threshold, and the other where the market holds steady until a potential blind bid around $2,700 – Adam outlined the triggers that he believe they can define Ethereum’s medium-term profitability trajectory.

“Since I’m a retard myself, I think it could be very long with two possible plays, one of which is a sub-3k liquidation. dollars; if it doesn’t happen, I’ll probably make a blind offer of less than 2.7k. dollars because we have pretty clear support there,” he explained, pointing to his willingness to take a position in what he sees as a high-risk, high-reward environment.

This point of view of patience and strategic entry was echoed by other technical analysts, especially Ali (@ali_charts), who had a relatively similar price range in mind. “$2,700-$2,800 sounds like a likely scenario,” Ali said, reflecting a hunch that Ethereum may be poised for a correction around those levels before any significant rebound occurs.

Expanding on this, he stated that Ethereum may be following a rising parallel channel, where fleeting price declines may serve as catalysts for larger moves. “If Ethereum follows an ascending parallel channel, a drop to the lower boundary at $2,800 could serve as a trigger for a move towards $6,000,” he commented.

Ethereum price chart
Ethereum Rising Channel, 1-Day Chart (ETH/USD) | Source: X @ali_charts

At the time of publication, the price of ETH was $3,082.

Ethereum price
Ethereum price, 1-week chart | Source: ETHUSDT on Tradingview.com

Featured image created with DALL.E, chart from TradingView.com

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