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Recent declines in Ethereum 
$2,659 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.
Supporters Counteract Pessimism
The market has entered a phase where support for Solana 
$181 over Ethereum is increasing. Nevertheless, numerous experts assert that the world’s largest altcoin 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, $SOL was ‘dead’ at $10,” remarks market commentator Income Sharks.
Can Ethereum’s Price Rebound?
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.
- 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 Coinbase continue to develop products on Ethereum.
- Psychological Impact: Vivek points out that Ethereum is not sufficiently supported by most investors, creating a “contrarian” opportunity.
- Technical Outlook: Ethereum has been competing with Bitcoin
$110,554 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.
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.
