Ethereum (ETH) May Be on Its Way Down, But Here's the Promised Twist

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).

Host and founder of Crypto Banter, Ran Neuner, has expressed his belief that Ethereum (ETH) may be headed for a downturn and is no longer a valuable asset (though there’s a twist here – keep reading). This statement comes despite Neuner’s involvement with ETH since the initial coin offering (ICO) days.

While Neuner has been accumulating ETH since those ICO days, he also admits to selling a large portion of his ETH for SOL a while back. He attributes his bearish stance on ETH to a combination of technical analysis and fundamentals.

According to Neuner, despite the recent approval of spot Ethereum exchange-traded funds (ETFs) in the United States, the price of ETH has fallen far short of expectations. This is evident in the ETH/USD chart:

Neuner also highlights the extremely low sentiment surrounding Ethereum, with one user on platform X stating that no matter what happens in the market, ETH is always down.

“bad news = eth downgood news = eth downno news = eth downfud on twitter = eth downno fud on twitter = eth downmarkets good = eth downmarkets not good = eth downeth capitulates = eth downeth ever so slightly up = eth down”

Other X users lamented the low returns they expect from ETH, stating that it gives a 2X return at best, while some compared ETH to Litecoin or Zcash.

Trading Legend Backs Up Neuner’s Thesis on ETHPeter Brandt, a trader since 1975, comes to Neuner’s aid – though he isn’t interested in blockchain technology and focuses more on technical analysis. He claims that Solana is the “clear winner” over Ethereum.

He states that ETH loses out due to being “cumbersome, costly, flawed, [and] claims to be decentralized when it’s not.” On the other hand, SOL is “user friendly, [has a] great foundation [and] $SOL should gain 100% on $ETH in months ahead.”

Brandt responds to those who defend Ethereum and claim it’s “fixing things” by asking why it needs fixing in the first place:

“If you have to keep ‘fixing’ something, it’s inherently flawed to begin with.”

If you made it this far, congratulations, because here’s the promised twist: Neuner concludes from all the negative sentiment and FUD surrounding ETH that if you believe in the fundamentals, you should buy the dip. Though he fundamentally prefers Solana, he also states:

“I still like ETH a lot, but I think it’s fully priced in the best-case scenario for this year. I’m not touching it personally, but if you fundamentally believe in ETH, I think you should be buying this dip.”

X user Market Prophit also shares this view, indicating that the “crowd” may be bearish on Ethereum, but “smart money” is bullish.

“$ETH SentimentCROWD = Bearish 🟥MP | #SmartMoney = Bullish 🟩 #EthereumCheck out sentiment and other crypto stats at https://t.co/HQDyBNuzek#crypto #cryptotrading #CryptoXpic.twitter.com/PSoaTgZHVp”

Neuner also points out that buyers of ETH ETFs on platform X are largely unfazed by market sentiment, stating that they “just see ETH as a cheaper Bitcoin.”

Michael Saylor, the CEO of MicroStrategy, has revealed that he personally owns over US$1 billion in Bitcoin (BTC). This statement comes following a recent SEC filing by MicroStrategy, which showed that it had sold a portion of its BTC holdings.

Saylor's personal Bitcoin holdings are separate from those held by MicroStrategy, and his statement provides further insight into the executive's bullish stance on the primary cryptocurrency.

Saylor has been a vocal proponent of Bitcoin and has played a key role in shifting institutional interest toward the cryptocurrency. He is known for his “laser eyes” campaign and his seven principles for how to "fix" money, which he claims BTC achieves.

According to Forbes' real-time billionaires list, Saylor's net worth is currently estimated at US$3.2 billion. He cofounded MicroStrategy in s1989 and has led the company's strategy to acquire and hold Bitcoin since August 2020.

MicroStrategy's recent SEC filing showed that it had sold 2,151 BTC for an average price of about US$30,300 per coin. The company had booked a pre-tax loss of US$146.6 million on the sale, which was completed during the fourth quarter of 2022.

However, at the time of the sale, MicroStrategy still held 132,500 BTC on its balance sheet, acquired at an average price of US$23,985 per coin. This