The recent Twitter debate has highlighted people's polarized views on the prospects of Ethereum in the face of falling prices. Value investor Mike Alfred believes that Ethereum seems "pathological", and the failed narrative surrounding becoming a world computer or "ultrasonic currency" has sparked controversy
The recent Twitter debate has highlighted people's polarized views on the prospects of Ethereum in the face of falling prices. Value investor Mike Alfred believes that Ethereum seems "pathological", and the failed narrative surrounding becoming a world computer or "ultrasonic currency" has sparked controversy. He sees the abandoned DeFi and NFT, insider selling, and trading censorship as signs of 'disaster'. He also added that he is selling his ETH.
EDOFarina, CEO of AlphaLions Academy, responded that Alfred's comments reflect people's "massive abandonment of ETH ships".
However, on chain analysis company Santiment proposed the opposite viewpoint. It points out that the rise of bearish sentiment usually precedes a reversal of trend. Despite feeling frustrated with low costs and stagnant prices, Santiment sees signs that Ethereum is about to improve. This occurred when ETH fell to $1570.
These conflicting viewpoints summarize the uncertainty on the path of Ethereum's progress. Critics see unrealized potential, insider trading, and survival threats. But supporters believe that the current pain is only temporary setbacks, and strong fundamentals will overcome these setbacks. As of the time of publication, ETH has successfully climbed to $1583.
Ethereum has previously overcome major downturns and maintained its dominant position behind Bitcoin. But competitiveness is stronger than ever before. The future of ETH may depend on the success of upgrades such as proof of ownership and sharding to revitalize network activities and use cases.
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