This Bull Run Might Skip Ethereum (ETH): Opinion

In an acerbic X post, Ethereum (ETH) veteran, prominent investor, podcaster and crypto educator Ryan Sean Adams describes two alternative midterm forecasts for Ether (ETH) as a crypto coin.

Bearish: Inevitable puberty of Ethereum (ETH)

In a 2024-2025 potential rally, Ethereum (ETH) might be overlooked by investors as it is going through the "awkward" phase of "puberty." It looks too slow and expensive compared to its own second-layer solutions of various types, Adams admits.

While L2s are necessary for the scaling of such a blockchain and reflect the founder's vision of its progress, it has nothing to do with the interests of its most obvious investors.

Meme coin champions and dApps users (including retroactive airdrop farmers) are too focused on alternative L2/L3 blockchains, while institutional "big money" is on its way to Bitcoin (BTC).

The approval of Spot Ether ETFs in the U.S. might change the status quo but, as U.Today previously reported, analysts are skeptical of the possibility of this step in the coming months.

Related

Mon, 04/01/2024 - 19:35

Don't Be Fooled: Ethereum ETF Still Unlikely, According to Top Analyst

Alex Dovbnya

As such, Ethereum (ETH) is getting through the challenges of its "puberty" while "toddler chains" are looking for shortcuts and, therefore, might look more attractive in the midterm.

Bullish: Rock solid monetary economics for "chain of 1000 chains"

At the same time, the arguments of Ethereum (ETH) optimists also look strong as of Q2, 2024. Ethereum (ETH) meets this cycle stronger than in 2020 with viable overhyped L2s and zkEVMs driving innovations and attracting value.

With its "rock solid monetary economics" cemented by ERC 4337 implementation, it remains the only profitable blockchain, and its competitors are not even close to this status.

Also, despite the growing audience of alternative blockchains, Ethereum (ETH) mainnet remains the root chain for 1,000 blockchains, Adams says.

These two theses are just "two perspectives for ETH bulls," the author concludes.

Ether (ETH) is changing hands at $2,925, being 3% down in the last 24 hours.