{"id":606284,"date":"2024-05-02T22:00:41","date_gmt":"2024-05-02T22:00:41","guid":{"rendered":"https:\/\/uniquehot.com\/?p=606284"},"modified":"2024-05-03T01:27:34","modified_gmt":"2024-05-03T01:27:34","slug":"ethereum-has-been-a-major-disappointment-trader-weights-in-on-this-crypto-cycle","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/ethereum-has-been-a-major-disappointment-trader-weights-in-on-this-crypto-cycle\/","title":{"rendered":"Ethereum \u201cHas Been A Major Disappointment\u201d: Trader Weighs In On This Crypto Cycle"},"content":{"rendered":"<p style=\"font-weight: 400\">This crypto cycle achieved some remarkable feats during Q1 2024, including the highest monthly and quarterly close in Bitcoin (BTC) history. However, BTC suffered a retrace that dragged Ethereum (ETH) and the rest of the crypto market down as the year&#8217;s second quarter started.<\/p>\n<p style=\"font-weight: 400\">Now that we are one month into Q2, the market faces another correction. The most recent retrace became the deepest of the cycle, with Bitcoin nosediving into the $57,000 support zone and Ethereum falling below $3,000. Despite the market\u2019s stumble, analysts remain optimistic for what\u2019s to come.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/bitcoin-news\/is-this-cycles-bitcoin-bottom-in-analysts-forecast-btc-bounce-back\/\" target=\"_blank\" rel=\"noopener \">Is This Cycle\u2019s Bitcoin Bottom In? Analysts Forecast BTC Bounce Back<\/a><\/div>\n<h2 style=\"font-weight: 400\">What Makes This Cycle Different?<\/h2>\n<p style=\"font-weight: 400\">Traders and analysts have urged investors not to panic about the retraces yet. A broader look shows that the market is above levels not seen since the last bull run. As many have discussed, there\u2019s a significant resemblance between this cycle\u2019s performance and previous ones.<\/p>\n<p style=\"font-weight: 400\">However, analysts have also pointed out the singularities of this bull run. Compared to the 2020 cycle, altcoins \u201cdidn\u2019t even run that hard over the last few months,\u201d as renowned analyst Altcoin Sherpa <a href=\"https:\/\/uniquehot.com\/news\/are-altcoins-cooling-off-analyst-weighs-in-on-this-cycles-market\/\" target=\"_blank\" rel=\"noopener \">highlighted<\/a>.<\/p>\n<p style=\"font-weight: 400\">After Wednesday\u2019s correction, trader and economist Alex Kr\u00fcger weighed in on this cycle\u2019s performance. Kr\u00fcger concurs with some of Sherpa\u2019s points, considering that the market\u2019s \u201ctoo many\u201d options have made the playfield more convoluted.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Some thoughts on the current crypto cycle<\/p>\n<p>#1 The crypto cycle has been almost entirely driven by the bitcoin ETF.<\/p>\n<p>#2 ETH has been a major disappointment, but it has performed well overall for stakers and airdrop farmers.<\/p>\n<p>#3 Solana established itself as the chain of choice for\u2026<\/p>\n<p>&mdash; Alex Kr\u00fcger (@krugermacro) <a href=\"https:\/\/twitter.com\/krugermacro\/status\/26225886?ref_src=twsrc%5Etfw\" rel=\"nofollow\">May 1, 2024<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p style=\"font-weight: 400\">Similarly, he also has noticed the desire \u201cto focus on making a quick buck\u201d and investing in \u201cshort-term hype rather than on longevity.\u201d<\/p>\n<p style=\"font-weight: 400\">The trader highlighted that the Bitcoin exchange-traded funds (ETFs) have \u201calmost entirely\u201d driven this cycle. Besides BTC, <a href=\"https:\/\/uniquehot.com\/meme-coins\/solana-memecoin-hits-320-trillion-market-cap-but-theres-a-catch\/\" target=\"_blank\" rel=\"noopener \">memecoins<\/a> have been the dominating narrative of the bull run, ranking among the top gainers of Q1 2024.<\/p>\n<p style=\"font-weight: 400\">Moreover, Kr\u00fcger asserted that most market participants who missed the Bitcoin ETF run \u201cwent all in on altcoins to compensate.\u201d As a result:<\/p>\n<blockquote>\n<p style=\"font-weight: 400\">They deployed late and poorly, going in larger at higher levels, and are now seething and at a loss, as too many altcoins have given up their entire 2024 gains in the last month.<\/p>\n<\/blockquote>\n<h2 style=\"font-weight: 400\">Ethereum \u201cDisappointing\u201d Run<\/h2>\n<p style=\"font-weight: 400\">One of the crucial points of Kr\u00fcger\u2019s analysis is Ethereum\u2019s overall unsatisfactory performance. To the crypto veteran, the second-largest cryptocurrency by market capitalization \u201chas been a major disappointment\u201d even though it has performed well for stakers and farmers.<\/p>\n<p style=\"font-weight: 400\">Despite seeing massive gains alongside Bitcoin\u2019s run, Ethereum has not been able to challenge its all-time high (ATH) price set over two years ago. Furthermore, Solana overtook Ethereum after \u201cestablishing itself as the chain of choice for retail traders.\u201d<\/p>\n<p style=\"font-weight: 400\">It\u2019s worth noting that the turmoil surrounding Ether and the Ethereum Network has seemingly affected the token\u2019s recent performance. The \u201cking of altcoins\u201d is currently facing severe <a href=\"https:\/\/uniquehot.com\/news\/ethereum\/sec-anticipated-to-reject-spot-ethereum-etfs-in-upcoming-decision-eth-price-takes-5-hit\/\" target=\"_blank\" rel=\"noopener \">regulatory scrutiny<\/a>.<\/p>\n<p style=\"font-weight: 400\">The suspicion of a spot Ether ETF rejection from the US Securities and Exchange Commission (SEC), alongside the news of the agency\u2019s investigation on the asset\u2019s classification as an \u201cunregistered security,\u201d seems to have created uncertainty around ETH.<\/p>\n<p style=\"font-weight: 400\">Ethereum&#8217;s current landscape has <a href=\"https:\/\/uniquehot.com\/news\/eth-gate-conversation-intensifies-after-ripple-cto-and-cardano-founder-debate\/\" target=\"_blank\" rel=\"noopener \">reignited<\/a> deeming conversations against its founders and the asset, possibly fueling the doubtful sentiment surrounding a sector of the crypto community.<\/p>\n<p style=\"font-weight: 400\">Despite the challenging landscape, many analysts <a href=\"https:\/\/x.com\/MacroCRG\/status\/17852014\" target=\"_blank\" rel=\"noopener nofollow\">consider<\/a> that investors should not be bearish on Ethereum. After falling 4.5% and 14.39% in the weekly and monthly timeframes, ETH has recovered 3.3% of its price in the past 24 hours.<\/p>\n<p style=\"font-weight: 400\">Ultimately, Kr\u00fcger\u2019s consideration concludes that \u201cthe cycle is not over.\u201d However, he <a href=\"https:\/\/x.com\/krugermacro\/status\/76349720\" target=\"_blank\" rel=\"noopener nofollow\">points out<\/a> that investors \u201cneed to move out of the panic area and reignite the majors\u201d before finding a new narrative for this run.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/analysis\/eth\/ethereum-price-revisits-2800\/\" target=\"_blank\" rel=\"noopener \">Ethereum Price Revisits Key Support, Can Bears Take Over?<\/a><\/div>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-large wp-image-606287 aligncenter\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/05\/ETHUSDT_2024-05-02_08-09-52.png?w=860&#038;resize=860%2C410\" alt=\"Ethereum, Ether, ETH, crypto\" width=\"860\" height=\"410\" srcset=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/05\/ETHUSDT_2024-05-02_08-09-52.png?w=1077 1077w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/05\/ETHUSDT_2024-05-02_08-09-52.png?w=460 460w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/05\/ETHUSDT_2024-05-02_08-09-52.png?w=768 768w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/05\/ETHUSDT_2024-05-02_08-09-52.png?w=860 860w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/05\/ETHUSDT_2024-05-02_08-09-52.png?w=750 750w\" sizes=\"(max-width: 860px) 100vw, 860px\"><\/p>\n<pre style=\"text-align: center\">Ether is trading at $2,999.80 in the three-day chart. Source: ETHUSDT on <a href=\"https:\/\/www.tradingview.com\/x\/JqlwNIww\/\" target=\"_blank\" rel=\"noopener nofollow\">TradingView<\/a><\/pre>\n<div class=\"disclaimer-shortcode\">Featured Image from Unsplash.com, Chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>This crypto cycle achieved some remarkable feats during Q1 2024, including the highest monthly and quarterly close in Bitcoin (BTC) history. However, BTC suffered a retrace that dragged Ethereum (ETH) and the rest of the crypto market down as the year&#8217;s second quarter started. Now that we are one month into Q2, the market faces another correction. The most recent retrace became the deepest of the cycle, with Bitcoin nosediving into the $57,000 support zone and Ethereum falling below $3,000. Despite the market\u2019s stumble, analysts remain optimistic for what\u2019s to come. Related Reading: Is This Cycle\u2019s Bitcoin Bottom In? Analysts Forecast BTC Bounce Back What Makes This Cycle Different? Traders and analysts have urged investors not to panic about the retraces yet. A broader look shows that the market is above levels not seen since the last bull run. As many have discussed, there\u2019s a significant resemblance between this cycle\u2019s performance and previous ones. However, analysts have also pointed out the singularities of this bull run. Compared to the 2020 cycle, altcoins \u201cdidn\u2019t even run that hard over the last few months,\u201d as renowned analyst Altcoin Sherpa highlighted. After Wednesday\u2019s correction, trader and economist Alex Kr\u00fcger weighed in on this cycle\u2019s performance. Kr\u00fcger concurs with some of Sherpa\u2019s points, considering that the market\u2019s \u201ctoo many\u201d options have made the playfield more convoluted. Some thoughts on the current crypto cycle #1 The crypto cycle has been almost entirely driven by the bitcoin ETF. #2 ETH has been a major disappointment, but it has performed well overall for stakers and airdrop farmers. #3 Solana established itself as the chain of choice for\u2026 &mdash; Alex Kr\u00fcger (@krugermacro) May 1, 2024 Similarly, he also has noticed the desire \u201cto focus on making a quick buck\u201d and investing in \u201cshort-term hype rather than on longevity.\u201d The trader highlighted that the Bitcoin exchange-traded funds (ETFs) have \u201calmost entirely\u201d driven this cycle. Besides BTC, memecoins have been the dominating narrative of the bull run, ranking among the top gainers of Q1 2024. Moreover, Kr\u00fcger asserted that most market participants who missed the Bitcoin ETF run \u201cwent all in on altcoins to compensate.\u201d As a result: They deployed late and poorly, going in larger at higher levels, and are now seething and at a loss, as too many altcoins have given up their entire 2024 gains in the last month. Ethereum \u201cDisappointing\u201d Run One of the crucial points of Kr\u00fcger\u2019s analysis is Ethereum\u2019s overall unsatisfactory performance. To the crypto veteran, the second-largest cryptocurrency by market capitalization \u201chas been a major disappointment\u201d even though it has performed well for stakers and farmers. Despite seeing massive gains alongside Bitcoin\u2019s run, Ethereum has not been able to challenge its all-time high (ATH) price set over two years ago. Furthermore, Solana overtook Ethereum after \u201cestablishing itself as the chain of choice for retail traders.\u201d It\u2019s worth noting that the turmoil surrounding Ether and the Ethereum Network has seemingly affected the token\u2019s recent performance. The \u201cking of altcoins\u201d is currently facing severe regulatory scrutiny. The suspicion of a spot Ether ETF rejection from the US Securities and Exchange Commission (SEC), alongside the news of the agency\u2019s investigation on the asset\u2019s classification as an \u201cunregistered security,\u201d seems to have created uncertainty around ETH. Ethereum&#8217;s current landscape has reignited deeming conversations against its founders and the asset, possibly fueling the doubtful sentiment surrounding a sector of the crypto community. Despite the challenging landscape, many analysts consider that investors should not be bearish on Ethereum. After falling 4.5% and 14.39% in the weekly and monthly timeframes, ETH has recovered 3.3% of its price in the past 24 hours. Ultimately, Kr\u00fcger\u2019s consideration concludes that \u201cthe cycle is not over.\u201d However, he points out that investors \u201cneed to move out of the panic area and reignite the majors\u201d before finding a new narrative for this run. Related Reading: Ethereum Price Revisits Key Support, Can Bears Take Over? Ether is trading at $2,999.80 in the three-day chart. Source: ETHUSDT on TradingView Featured Image from Unsplash.com, Chart from TradingView.com<\/p>\n","protected":false},"author":614,"featured_media":576067,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,29529,5233,26263,83482,10923,89756,8323,1946,78803,89083],"class_list":["post-606284","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-bull-cycle","tag-bull-run","tag-crypto-analyst","tag-crypto-cycle","tag-crypto-market","tag-crypto-trader","tag-eth","tag-ethereum","tag-ethusdt","tag-solana-network"],"acf":[],"yoast_head":"\n<title>Ethereum, \u201cA Disappointment\u201d: Trader Weighs In On Crypto Cycle<\/title>\n<meta name=\"description\" content=\"Ethereum has been &quot;disappointing&quot; this cycle, says a crypto veteran, 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Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology. From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations. In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn\u2019t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored. At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money. After the failure of her home country\u2019s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. Cryptocurrencies allowed her to experience financial control for the first time and expand her financial education. Moreover, the peculiar nature of the crypto community sparked Rubmar\u2019s curiosity about the other layers of the industry. As a result, she found a particular interest in discovering the diverse perspectives of investors, market watchers, experts, and developers. Her attempts to better understand the crypto space made her realize the strong links of the community with other industries, enriching her perspective of the sector. As someone who spends most of her day online, Rubmar enjoys finding the points where the crypto world meets with her other passions and hobbies \u00ad\u2013or her favorite memes. In her free time, she usually finds joy in different art forms. As a child, she enlisted in every extra-curricular activity in her hometown, including music classes, dancing, jewelry making, and the local chorus. Despite her many attempts to learn different instruments, Rubmar only knows how to play the xylophone, which she played for 7 years in her school\u2019s marching band. She also has a passion for learning new languages and cultures, having set the goal to learn another six languages \u00ad\u2013 currently attempting to learn Italian and Korean. Scrapbooking, paper crafting, and bookbinding are her biggest interests outside of work, constantly taking classes and attending workshops to learn new techniques. The rest of her free time is spent stressing over football matches and transfer market news or feeding cats \u2013hers or stray. In summary, Rubmar seeks to present entertaining and educational pieces to be enjoyed by everybody, aiming to report on the latest news and offer a unique perspective while adding a meme or a pun whenever possible.\",\"url\":\"https:\/\/uniquehot.com\/author\/rubmargarcia\/\"}]}<\/script>\n","yoast_head_json":{"title":"Ethereum, \u201cA Disappointment\u201d: Trader Weighs In On Crypto Cycle","description":"Ethereum has been \"disappointing\" this cycle, says a crypto veteran, which has seemingly contributed to some of this run\u2019s particularities.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/uniquehot.com\/news\/ethereum-has-been-a-major-disappointment-trader-weights-in-on-this-crypto-cycle\/","og_locale":"en_US","og_type":"article","og_title":"Ethereum, \u201cA Disappointment\u201d: Trader Weighs In On Crypto 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Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology. From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations. In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn\u2019t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored. At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money. After the failure of her home country\u2019s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. Cryptocurrencies allowed her to experience financial control for the first time and expand her financial education. Moreover, the peculiar nature of the crypto community sparked Rubmar\u2019s curiosity about the other layers of the industry. As a result, she found a particular interest in discovering the diverse perspectives of investors, market watchers, experts, and developers. Her attempts to better understand the crypto space made her realize the strong links of the community with other industries, enriching her perspective of the sector. As someone who spends most of her day online, Rubmar enjoys finding the points where the crypto world meets with her other passions and hobbies \u00ad\u2013or her favorite memes. In her free time, she usually finds joy in different art forms. As a child, she enlisted in every extra-curricular activity in her hometown, including music classes, dancing, jewelry making, and the local chorus. Despite her many attempts to learn different instruments, Rubmar only knows how to play the xylophone, which she played for 7 years in her school\u2019s marching band. She also has a passion for learning new languages and cultures, having set the goal to learn another six languages \u00ad\u2013 currently attempting to learn Italian and Korean. Scrapbooking, paper crafting, and bookbinding are her biggest interests outside of work, constantly taking classes and attending workshops to learn new techniques. The rest of her free time is spent stressing over football matches and transfer market news or feeding cats \u2013hers or stray. 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