Ethereum (CRYPTO: ETH) has fallen roughly 35% over the past month, yet strong on-chain activity and high-profile holders speak to some bullish sentiment remaining..
Trader Notes: Altcoin Sherpa said Ethereum could be forming a bottom if selling pressure continues to ease and network activity remains firm.
Historically, Bitcoin tends to lead early in a cycle, with Ethereum outperforming once capital rotates into altcoins.
He added that a sustained risk-on environment and Bitcoin stabilization would be key catalysts for Ethereum to reclaim relative strength.
Crypto trader Popeye noted Ethereum remains range bound. Instead of sweeping prior highs, price formed a soft double bottom, leaving equal highs above as potential liquidity targets.
He said the relative strength index is showing fading momentum, opening the door for a move below the point of control toward the value area low.
However, with a recent downside deviation already in place, a long setup could be viable if the range structure holds and price rotates back toward those equal highs.
Statistics: Data from Arkham Intelligence show that Reid Hoffman, co-founder of LinkedIn, holds approximately $6.1 million worth of ETH in a publicly known wallet.
Hoffman also owns a CryptoPunks NFT purchased for 150 ETH last year, signalling continued exposure to the Ethereum ecosystem.
Meanwhile, his former PayPal colleague Elon Musk remains aligned with Bitcoin. Tesla and SpaceX together hold roughly $1.3 billion in BTC on their balance sheets.
Community News: The renewed focus on Ethereum comes as concerns around quantum computing resurface.
In a recent post on X, Vitalik Buterin outlined a step-by-step roadmap aimed at strengthening Ethereum’s resistance to potential quantum attacks.
The plan targets vulnerable cryptographic components and seeks to future-proof the network over the long term.
Image: Shutterstock
Market News and Data brought to you by Benzinga APIs
To add Benzinga News as your preferred source on Google, click here.
