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Cryptocurrency analyst Adam (@abetrade) sparked substantial debate by declaring that Ethereum is “the most cursed coin in existence”, suggesting that despite a notable uptick in overall market interest, the second most major cryptocurrency remains stubbornly below its potential.
Why Ethereum seems to be cursed
Speaking to his 178,000 followers on Open interest in the coins has increased 110% since August. yet the price is trading 20% below 2024 highs; it’s really very bad.
According to him, this divergence between traders’ enthusiasm and the token’s current price stagnation indicates a fundamental gap that cannot be explained simply by market volatility. He pointed out that this dynamic appears to have spawned a paradox: while higher open interest often suggests growing market confidence, Ethereum’s price trajectory has not reflected such optimism, potentially due to pressure from spot market sale.
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Adam then called many of Ethereum’s most loyal supporters “delusional” — especially those who still crave ETH in the futures market — pointing out that they appear ready to increase their ETH holdings whenever the value of the asset falls. While his position is critical, he also recognized that this buyer resilience could pave the way for a more pronounced future shift.
“At the same time, you can see how delusional these people are, and instead of giving up, they prefer to buy more every chance they get,” he said, capturing both his skepticism towards what he interprets as blind faith and his recognition. of a potential business opportunity in the making.
By presenting two possible scenarios – one in which a sudden liquidation could push ETH below the $3,000 threshold and another in which the market remains stable until a potential “blind bid” around 2,700 $ – Adam outlined the triggers that he believes could define the future of Ethereum in the medium term. path.
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“Because I’m a bit of a retard myself, I think this could make for a great long with two possible games, one being a sub-$3,000 liquidation event; if that doesn’t happen, I’ll probably offer the blind less than $2.7k because we have pretty clear support in that area,” he explained, indicating his willingness to position himself in what he perceives as a high risk, high reward environment.
This view of patience and strategic entry resonated with other technical analysts, including Ali (@ali_charts), who weighed in with a relatively similar price range in mind. “$2,700 to $2,800 seems like a likely scenario,” Ali said, reflecting the sentiment that Ethereum may be ready to undergo a correction around these levels before a significant rebound can take place.
Expanding on this, he said that Ethereum could follow an ascending parallel channel, where temporary price drops can serve as catalysts for larger moves. “If Ethereum follows an ascending parallel channel, a decline towards the lower boundary at $2,800 could serve as a launching pad for a move towards $6,000,” he commented.
At press time, ETH was trading at $3,082.
Featured image created with DALL.E, chart from TradingView.com
