crypto analyst Adam (@abetrade) has sparked substantial debate by declaring ethereum to be “the most cursed currency in existence,” suggesting that despite a notable uptick in overall market interest, the second-largest cryptocurrency remains stubbornly underperforming. of its potential.
Speaking to his 178,000 followers on x, Adam <a target="_blank" href="https://x.com/abetrade/status/1878542644738994257″ target=”_blank” rel=”nofollow”>pointed to a surprising increase in open interest related to ethereum, commenting: “That eth holds the title of the most cursed coin in existence is well deserved because open interest in the coins increased by 110% since August, however, the price is trading 20% below 2024 highs; “That’s really quite bad.”
In his view, this divergence between traders' enthusiasm and the current currency price stagnation indicates a fundamental gap that cannot be explained simply by market volatility. He highlighted that this dynamic appears to have led to a paradox: while higher open interest often suggests growing market confidence, ethereum's price trajectory has not reflected that optimism, potentially due to selling pressure from the spot market.
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Adam went on to characterize many of ethereum's most loyal supporters as “delusional,” especially those who still crave eth in the futures market, noting that they seem willing to increase their eth holdings whenever the asset's value drops. While his stance was critical, he also acknowledged that this buyer resilience could lay the groundwork for a more pronounced future move.
“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 toward what he interprets as blind faith and his recognition . of a possible budding business opportunity.
Laying out two possible scenarios, one in which a sudden liquidation event could push eth below the $3,000 threshold and another in which the market remains stable until a possible “blind bid” around $2,700, Adam outlined the triggers that he believes could define ethereum's medium term. path.
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“Since I'm a bit late myself, I think this could become a big long with two possible plays, one of which would be a liquidation event below $3,000; If that doesn't happen, I'll probably bid below $2.7k blindly, since we have pretty clear support there,” 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 has resonated with other technical analysts, notably 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 sentiment that ethereum may be primed for a correction around these levels before a significant bounce can occur.
Expanding on this, he stated that ethereum could be following an ascending parallel channel, where temporary price drops can serve as catalysts for larger moves. “If ethereum follows an ascending parallel channel, a drop to the lower boundary of $2,800 could act as a launchpad for a move towards $6,000,” he commented.
