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ethereum holders are definitely being tested by some tough times, with the recent price action Failing to create a bullish outlook for the digital asset. One of the biggest disappointments has been the performance of spot ethereum exchange-traded funds (ETFs), which launched in the US to great fanfare. These ETFs were seen by numerous market participants as the key that could unlock a significant bullish move for ethereum. Since their introduction, they have failed to deliver the expected results, leaving investors frustrated.
Matt Hougan, chief investment officer at Bitwise, a popular cryptocurrency index fund manager, continues crypto-data-shows/” rel=”nofollow”>keep a positive attitude eth Outlook. According to him, ethereum remains at the forefront of blockchain applications that are experiencing resounding success.
This is not the end for ethereum
He Lack of positive momentum The ethereum market has been enough to shake the confidence of seasoned investors. The combination of uncertain macroeconomic factors, increasing competition from Solana and other blockchains, and unmet expectations around ethereum ETFs have contributed to the pessimistic outlook for the digital asset.
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Among the optimists is Matt Hougan, who shared his views ethereum?utm_medium=email&_hsenc=p2ANqtz-9ZwgOgRuydARdrbtqB5ekhB7rzBRW7Mw3gq6AOcRYBAsq0zGHHafozdtkS-kLqmqdEYRPcML1Y82Lnx5Ldm2bzFjmtDfNdh84KOLr4NEzu5hhYioY&_hsmi=325026337&utm_content=325026337&utm_source=hs_email” rel=”nofollow”>in a recent memoHougan has maintained a bullish outlook on ethereum, holding firm in his belief that the current challenges are only temporary and that the asset still has recovery potential. Hougan argues that although ethereum has lagged behind bitcoin and Solana’s year-to-date growth of 38% and 31%, respectively, the cryptocurrency’s long-term outlook remains strong.
In his memo, Hougan highlighted eth's continued dominance as eth-is-the-key-to-the-ethereum-ecosystem/” rel=”nofollow”>Leading Blockchain for Decentralized Applications (dApps), claiming that it retains the majority of activity among developers building on blockchain technology. He went so far as to compare ethereum to the “Microsoft of blockchains.”
To back up his claim, Hougan pointed to notable examples of ethereum adoption by large companies. One of them is BlackRock’s tokenized money market fund, which launched in March 2024 and now has over $500 million in assets under management. Another example is Nike’s Web3 gear platform called .Swoosh.
ethereum has the most active developers and users, so Hougan believes the blockchain will be first on the radar of the next big traditional company looking to develop a blockchain product.
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What's next for eth?
According to Hougan, ethereum is a contrarian bet for the rest of the year. This basically means that he expects ethereum to go against the current market sentiment and surprise many investors with an uptrend by the end of the year.
At the time of writing, eth is trading at $2,440 and is up 5.2% in the past 24 hours. This recent surge brings ethereum close to testing a key resistance level at $2,450 once again.
Featured image created with Dall.E, chart from Tradingview.com
