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Ethereum (ETH) has plummeted 11.4% up to now 24 hours, reflecting a broader market downturn that noticed Bitcoin (BTC) drop by 8%, XRP by 13.6%, and Solana (SOL) by 12.9%. Regardless of the ocean of crimson, a number of main voices—together with CryptoQuant CEO Ki Younger Ju—are calling for a extra optimistic perspective on ETH.
Time To Go Bullish On Ethereum
Sharing his “bullish thoughts on ETH” through X, Ki Younger Ju argued there was “no significant sell pressure” regardless of the current Bybit hack, declaring that each on-chain and market knowledge stay impartial. “Exchange selling takes time, and OTC offloads barely affect the price,” he added.
He additionally emphasised Ethereum’s dominant share of the stablecoin market cap—presently round 56% and famous how potential regulatory shifts beneath the Trump administration, which is reportedly “easing crypto regs,” may spur additional adoption of ETH-based stablecoins and good contracts in 2025.
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Ju referenced extra catalysts, reminding followers that the ETH spot ETF “is already approved,” suggesting {that a} “Large Cap ETF altseason” is perhaps on the horizon for Ethereum. He added, “BlackRock ETH spot ETF holdings increased 124% over the past three months.”
Lastly, Ju highlighted rising whale accumulation: addresses holding 10,000 to 100,000 ETH have elevated their balances by 24% over the previous yr, with the present value “nearing the cost basis of accumulating addresses.”
Nevertheless, Ju admitted he was “surprised” by what he sees as an overwhelmingly bearish temper on Crypto Twitter.
“Wow, CT [Crypto Twitter] sentiment on ETH is extremely bearish. Let me know if you have any data-driven analysis to support your bearish thesis. Most bears seem to cite the dropping price itself as their reason for selling. Very interesting,” Ju remarked.
On his various X account—beneath the deal with @kate_young_ju—he reiterated that “whales are stacking ETH,” pointing to the present price foundation for these accumulating addresses at round $2,199, in comparison with the spot value hovering close to $2,505.
Ju isn’t alone in difficult the doom-and-gloom market narrative. AdrianoFeria.eth (@AdrianoFeria), an member of the ETH neighborhood, asserted that “the market is in the shitter” however urged traders to deal with high-level institutional and political indicators favoring Ethereum.
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He particularly cited reviews of the US President and household buying “hundreds of millions of dollars worth of ETH,” the CEO of BlackRock’s endorsement of tokenization (and BlackRock’s personal tokenized USD experiment on Ethereum), and Bybit’s want to purchase giant portions of ETH to cowl its hack—probably fueling extra demand.
Feria additionally talked about that Ken Griffin, the CEO of Citadel believes Ethereum may substitute Bitcoin. For this neighborhood member, the truth that “everyone on CT is still taking a shit on ETH” solely reinforces a contrarian bullish stance.
Well-liked crypto analyst IncomeSharks (@IncomeSharks) weighed in by posting a chart displaying one other “red scary candle” however indicating a purchase zone above $2,400.
In the meantime, Chris Burniske, associate at Placeholder VC, provided historic perspective, reminding followers of 2021’s mid-cycle drawdowns: BTC fell 56%, ETH 61%, SOL 67%, and plenty of different property 70-80%. In response to Burniske, “you can come up with all the reasons for why this cycle is different, but the mid-bull reset we’re going through isn’t unprecedented. Those calling for a full blown bear are misguided.”
At press time, ETH traded at $2.382.
Featured picture created with DALL.E, chart from TradingView.com
