Ethereum Is Crypto’s ‘Most Cursed’ Coin—What’s Haunting It?
Cryptocurrency analyst Adam (@abetrade) sparked heated debate by declaring Ethereum “the most cursed currency in existence,” suggesting that despite a significant rise in overall market interest, the second-largest cryptocurrency remains stubbornly below its potential.
Why Ethereum seems cursed
Adam addressed his 178,000 followers on X tip Regarding the staggering increase in open interest related to Ethereum, he said: “ETH deserves the title of the most cursed token in existence, as the token’s open interest has increased by 110% since August, But it’s trading 20% below its 2024 highs; that’s really bad.”
In his view, this discrepancy between traders’ enthusiasm and the coin’s continued price stagnation points to a fundamental gap that cannot simply be explained by market volatility. He emphasized that this dynamic seems to create a paradox: while higher open interest usually indicates growing market confidence, Ethereum’s price trajectory The failure to reflect this optimism may be due to selling pressure in the spot market.
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Adam went on to describe many of Ethereum’s most loyal supporters as “delusional,” especially those who are still hungry for ETH in the futures market, noting that they appear ready to increase their ETH holdings whenever the asset’s value falls. While his stance is critical, he also acknowledges that this resilience on the part of buyers could lay the groundwork for more pronounced moves in the future.
“At the same time, you can also see how delusional these people are. Instead of giving up, they buy more Whenever they get a chance,” he said, expressing both his skepticism about what he interpreted as blind faith and his awareness of the potential trading opportunities that were taking shape.
By laying out two possible scenarios – one in which a sudden liquidation event could send ETH below the $3,000 threshold, and another in which the market remains stable until a potential “blind bid” is around $2,700 – Adam outlines He believes that the trigger trajectory for Ethereum in the medium term can be defined.
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“Because I’m a retard myself, I thought this could make for a great long, with two possible plays, a liquidation event below $3,000; the other is a liquidation event below $3,000; if this If that doesn’t happen, I would probably blindly bid below $2,700 because we have pretty clear support there,” he explained, indicating a willingness to put himself in what he sees as a high-risk, high-reward environment.
This view of patience and strategic entry resonates with other technical analysts, particularly Ali (@ali_charts), who has considered a relatively similar price range. “$2,700 to $2,800 sounds like a likely scenario,” Ali said, reflecting the sentiment that Ethereum could correct around these levels before any major rebound.
Expanding on this, he said Ethereum could be Follow the ascending parallel channela temporary price drop can serve as a catalyst for greater volatility. “If Ethereum follows an ascending parallel channel, a drop to the $2,800 floor could serve as a springboard towards $6,000,” he commented.
As of press time, ETH is trading at $3,082.
Featured image created using DALL.E, chart from TradingView.com
