Ethereum Drops 22% Over a Month, Yet Prominent Investor Predicts an Impending ‘Unpopular Surge’

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    <p>Market analyst Eugene Ng Ah Sio indicated a potential uptrend for <strong>Ethereum</strong> <span class="ticker" data-ticker="ETH/USD" data-exchange="CRYPTO" style="display: inline-block;">ETH/USD</span>, even though it has not performed as well as <strong>Solana</strong> <span class="ticker" data-ticker="SOL/USD" data-exchange="CRYPTO" style="display: inline-block;">SOL/USD</span> and <strong>Bitcoin</strong> <span class="ticker" data-ticker="BTC/USD" data-exchange="CRYPTO" style="display: inline-block;">BTC/USD</span> in recent times.</p>
    <p><strong>The Situation:</strong> According to a perspective shared by the analyst via <a target="_blank" href="https://x.com/0xENAS/status/1826817854307795243">social media</a>, the market seems primed for an Ethereum rally, especially with the cryptocurrency being favored amongst the crypto community and following the launch of <a target="_blank" href="https://www.benzinga.com/money/what-is-ethereum-etf">Ethereum-based ETFs</a>. While the initial flows into Ethereum ETFs haven't matched expectations, showing $7.3 billion managed assets compared to Bitcoin ETFs' $49 billion, it's the arbitrage traders who have capitalized on the situation.</p>
    <p>Eugene highlights the particularly harsh criticism Ethereum has received from usually optimistic supporters, as well as the observed large-scale sell-offs by prominent investors. Eugene believes this suggests that Ethereum may currently be undervalued.</p>
    <figure class="wp-block-image size-full"><a target="_blank" href="https://www.benzinga.com/events/digital-assets/ "><img loading="lazy" decoding="async" width="300" height="250" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/27091545/Benzinga-conference.gif" alt="Benzinga future of digital assets conference" class="wp-image-267246"/></a></figure>
    <p><strong>Further Reading: <a target="_blank" href="https://www.benzinga.com/markets/cryptocurrency/24/08/40513897/bitcoin-ethereum-altcoins-technical-chart-looks-good-forming-more-constructive-pattern-ana">Analysts Observe Optimism in Technical Charts for Bitcoin, Ethereum, and Altcoins</a></strong></p>
    <p>Even with prevalent skepticism, Eugene contemplates an eventual surge for Ethereum, suggesting, "If it were obvious, you wouldn’t be able to buy in at today’s prices." He speculates that a dwindling interest in Solana, with expectations low for an ETF this year, could be a catalyst transferring market focus back toward Ethereum.</p>
    <p>If traders start unwinding their SOL positions, considering recent data from Polymarket reflecting a mere 6% probability of a Solana ETF approval in 2024, it may not be sufficient to trigger an Ethereum surge on its own. However, as Eugene notes, sometimes a small catalyst is all it takes to start a significant movement.</p>
    <p><strong>Looking Ahead:</strong> The role of <a target="_blank" href="https://www.benzinga.com/money/is-ethereum-a-good-investment" target="_blank" rel="noreferrer noopener">Ethereum as a crucial asset for institutions</a> is set to be a key topic at the upcoming Benzinga <a target="_blank" href="https://www.benzinga.com/events/digital-assets/agenda/" target="_blank" rel="noreferrer noopener">Future of Digital Assets</a> conference on November 19th.</p>
    <p><strong>More to Explore:</strong></p>
    <p><em>Image source: Shutterstock</em></p>
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