Ethereum (ETH)

All it takes is unexpected Iran deal news to light this thing.

Peter Schiff criticizes BitMine's planned $300M preferred share offering, arguing that raising capital at a 9.5% yield to buy more Ethereum is unlikely to succeed amid weak $ETH performance and higher-yielding alternatives. https://t.co/npQzSQJ6K9

ETH is still getting rejected every time it tries to push higher. The Bollinger Bands are opening up and price is riding the lower band, which usually tells you the trend is still in control. Right now, the level I’m watching is $1,760. ETH is trying to reclaim it, but until it does, every bounce looks more like relief than strength. If buyers can push back above the middle Bollinger Band, there’s room for a move towards the $1,800-$1,850 region. If not, I wouldn’t be surprised to see another sweep lower first. For now, ETH isn’t showing signs of a trend reversal. It’s showing signs of a market trying to find a bottom while sellers still have the upper hand.

What makes me so angry about @TrustlessState quitting ETH is not that he did it. I mean, I get it, ETH has underperformed for years. It’s fair to move on eventually. That’s exactly how capitulations work. They make room for those who have more conviction. The timing, though, makes no sense to me at all. Ethereum is in the strongest position it has ever been in since its inception. You can’t even name a serious competitor anymore. The “ETH killer” narrative is gone. The last major contender, SOL, has taken a phenomenal nosedive against ETH, and other networks aren’t even trying to market or position themselves against Ethereum anymore. For the first time in its history, Ethereum is undisputed, ~3 months before a major scaling upgrade and with the most respected and ambitious roadmap for the next three years. It leads in quantum, consensus, and execution research. It has by far the largest developer ecosystem, and it’s the only chain with a 100% green light from institutions, which will be a massive catalyst as the CLARITY Act moves forward. There isn’t really an alternative to ETH as a store of value, which was his whole point a few years ago with the Triple Point Asset thesis. Nothing has changed. The only thing that has changed is that David is fed up with ETH, which, again, is fine. There are assets with revenue now that will likely perform exceptionally well as crypto grows larger, and he probably has an edge in identifying those opportunities given his position. But ETH is here to stay and dominate the next 10 years, and I find it unlikely that more than 0.1% of people will outperform it by picking other crypto winners.