Placeholder Partner Chris Burniske Urges Ethereum Community to Cement the Network as the Center of the Next IFS in the Next Five Years

Chris Burniske, a partner at Placeholder, has reiterated a positive outlook for Ethereum [ETH] despite its current challenges and FUD.

VC Placeholder has maintained a positive outlook for ETH despite its current challenges and FUD. According to Burniske, ETH has lagged behind SOL and BTC but still has a strong lead in disrupting TradFi. He highlighted Solana and other layer 1 solutions entering the IFS, with Ethereum aiming to cement its position with its brand awareness, liquidity, and initiatives like Base.

This statement comes amid varying perspectives on ETH's 2029 roadmap, which proposes consensus layer changes to enhance its competitiveness against Solana and other L1 solutions. Opponents argue that the 2029 target is too distant for substantial Ethereum changes.

This divergence has impacted ETH's market sentiment, leading to a yearly low against BTC. The ratio, tracking ETH's relative performance to BTC, has dropped below an 8-year trendline support.

Macro analyst Lyn Alden expressed her concerns about ETH, highlighting the impact of the US administration on crypto securities and its influence on ETH's price movements.

Examining the options market reveals optimism among large ETH players. According to Amberdata, the most significant change in OI rates in the past 24 hours was concentrated on calls at $3.6K and $4K targets. Conversely, massive puts were on the $2.7K and $3K targets.

Overall, large funds anticipated a wild price swing between $2.7K to $4K, with a bullish bias.

On the daily chart, ETH faced a price rejection and cool-off at $3.3K after rallying over 40% since October. At press time, the price struggled to hold above the psychological $3K level.

Should the altcoin drop lower, the $2.9K and $2.7K levels will be the next key supports. However, on the upside, the $3.5K and $4K were bullish targets to keep tabs on.