Ethereum

2024

Bitcoin

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Markus Thielen, research CEO at 10x Research, has cast a spotlight on <a href="https://u.today/ethereum-eth-smashes-major-milestone-of-1-million-validators" rel="noopener noreferrer nofollow">Ethereum</a>'s trajectory, suggesting a potential decline to $2,500. His analysis points to weak fundamentals within the Ethereum network that could not only affect its value but also pose a hindrance to Bitcoin's progress.
Ethereum, often touted as the backbone of decentralized finance (DeFi) and the non-fungible token (NFT) ecosystem, has long been regarded as a cornerstone of the cryptocurrency market. However, in this present cycle, Ethereum remains a basket case.&nbsp;
According to the <a href="https://twitter.com/thielen10x/status/1788946629686591866" rel="noopener noreferrer nofollow">10x researcher</a>, Ethereum was the driving force during the 2020/2021 cycle because it was intended to replace the legacy banking system. NFT minting opened up new avenues for cryptocurrency acceptance, which may have evolved into other personalized papers on the blockchain, resulting in widespread "wallet" adoption. However, the Ethereum developers did not respond quickly enough.&nbsp;
<blockquote>
 <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Ethereum</a> -&gt; see you at $2,500 👇1-14) Ethereum remains this cycle’s basket case. Surprisingly, BTC and ETH remain highly correlated, with an R-square of 95%. Ethereum’s weak fundamentals are becoming a roadblock for Bitcoin …<a href="https://t.co/q6trSacXSz" rel="noopener noreferrer nofollow">https://t.co/q6trSacXSz</a> <a href="https://t.co/vphguQ1Ly1" rel="noopener noreferrer nofollow">pic.twitter.com/vphguQ1Ly1</a>— Markus Thielen (@thielen10x) <a href="https://twitter.com/thielen10x/status/1788946629686591866?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">May 10, 2024</a>
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The inability of <a href="https://u.today/ethereum-eth-developers-tease-this-major-step-ahead-of-deneb-release" rel="noopener noreferrer nofollow">Ethereum developers</a> to react quickly in the face of a major opportunity for the ETH ecosystem and a slew of other variables has weighed on Ethereum's fundamentals, casting doubt on its prospects.
According to Thielen, the implications of Ethereum's weak fundamentals extend beyond its ecosystem. Thielen points out a high correlation between Bitcoin and Ethereum, with an R-square of 95%. Ethereum’s weak fundamentals are becoming a roadblock for Bitcoin, preventing large-scale fiat inflows into the cryptocurrency ecosystem, he says.&nbsp;
Thielen's forecast coincides with a period of increased uncertainty and volatility, with the cryptocurrency market under selling pressure. At the time of writing, <a href="https://u.today/ethereums-3650-target-might-be-stalled-by-445-million-eth-wall" rel="noopener noreferrer nofollow">ETH</a> has fallen 4.32% in the last 24 hours to $2,902, matching the sell-off in the broader cryptocurrency market.
According to Glassnode, amid the hype and market rally surrounding the approval of the spot Bitcoin ETFs, Bitcoin holders' unrealized profits increased far quicker than those of Ethereum investors. The Bitcoin NUPL metric surpassed 0.5 and reached the euphoria phase three months before the equivalent metric for Ethereum.

What's Going On With Ethereum (ETH)? 10x Researcher Shares Intriguing Takes

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