Why I'm watching ETH right now (but not buying yet)

[pooya87]

I personally don't waste much time on large shitcoins that are also old because major pumps in such altcoins is a lot more difficult and time consuming in comparison to smaller and newer shitcoins that have not been majorly pumped yet.

With that said, ETH can still be pumped and dumped and if we can detect such pumps early and get on board to make a quick profit before the dump starts, that can be a profitable trade. But only small profit and the risk is still there as well since it is still a pump and dump.

There is a mixed feedback on ETH. Some says it is like that (a shit coin) but some just consider it as a queen of the altcoins. So the up and down of its value can be considered as a normal volatility, or it can as well be a manipulation. But one thing is for sure, and that is ETH is less risky. If you missed the train, you can just wait and for sure the train just comes back on the station again. Hence, a small profit is normal and justifiable.

For me, my views on ETH is only neutral but there is also a thread last time which states that an expert is also buying or prioritizing ETH for a while, even though that expert is bullish too on Bitcoin. So to OP, when will you start acting? When it is already too late?

Well it is not experiencing ups and downs though, it is experiencing down and down and more down. The pump that ETH had in 2017 was the last pump of it that brought it up to 0.15BTC and ever since then it has been dumping which is almost a decade of dump.

By all definitions, ETH is a shitcoin:
- Centralized
- Mutable blockchain
- Unlimited supply
- Flawed protocol
- Useless (only used to create useless tokens)
- Not doing anything unique (there are other better token creation platforms)

In this stage, we can only see short lived pump and dumps that will never reach the level of 2017 pump and the more time that passes, the harder it will get to pump it even further. Meaning profit can still be made from this shitcoin but bag-holding it long term is a terrible idea.

[EarnOnVictor]

So yeah, the rotation might be starting. But I'm not forcing it.

I need ETH/BTC to hold above 0.0320 for two daily closes, BTC dominance to close below 57.0%, and rotation to actually shift from suspected to developing. Right now we are sitting at 0.0311 and 57.6% so it's close, but not there.

All I can say is that you are overthinking. Do you know what this would do to you? It will only make you miss opportunities. Just like Bitcoin, Ethereum should be bought without thinking twice when it is inexpensive. With what is happening around Bitcoin now, I believe that the current year-low of Ethereum at $1,502 will be its low for this cycle's phase. What is the gain if you buy it expensively?

If Iran escalates or we get a surprise Fed hike I'm pausing this entirely. Bias is bullish, timing is just off. Just my own process, not financial advice.

Both the US-Iran conflict and the US interest rate decision will only do insignificantly little in deciding the price of Ethereum.

[Rengga Jati]

ETH is starting to catch my eye but I'm still not buying it. The chart did get interesting though. ETH/BTC bounced about 27-32% off the June lows around 0.027 and pushed to a 7-month high near 0.0334.

That’s fine. The important thing is to prepare yourself before buying. If you are truly ready, having weighed all the considerations. Then go ahead and buy it. But if you aren't, then hold off for now. I believe everyone has their own reasons for wanting to buy a specific coin. But, if you have any doubts, better to stick with Bitcoin. Even then, you still need to employ strict risk management.

Yep, that's true, bitcoin is better choice and even outperforms ethereum on the most recent bullish season and even safer because bitcoin is bigger than ethereum but ethereum at times can be very undervalued, $1800 was like half of 2022 all time high which to me sounds like a good coin to invest in my portfolio and I can also stake it to get yield.

Many people ultimately choose this strategy, especially those who simply buy and forget about it. While we often have specific targets for crypto assets, many people prefer not to overcomplicate things. That is why so many opt for a simple "buy and hold" approach, avoiding concerns about risks like rug pulls. And Bitcoin is the most suitable choice for this (albeit with proper risk management).

[o48o]

-cut-
By all definitions, ETH is a shitcoin:
- Centralized
- Mutable blockchain
- Unlimited supply
- Flawed protocol
- Useless (only used to create useless tokens)
- Not doing anything unique (there are other better token creation platforms)

In this stage, we can only see short lived pump and dumps that will never reach the level of 2017 pump and the more time that passes, the harder it will get to pump it even further. Meaning profit can still be made from this shitcoin but bag-holding it long term is a terrible idea.

Let's brake this down.

- Decentralization is more like a pipe dream anyway. Chains will be controlled by small group of people or mining farms with most money to put into mining or staking.
- Everything is mutable if consensus agrees with mutability.
- Unlimited supply is misleading as it has burning mechanism, and something like 21 limit doesn't make much sense for something like eth. It's meant to be used, not hoarded.
- You can just say "flawed protocol" without explaining what you mean?
- Explain to me how anything in this space here is "useful', other then for some meta usecases, trading or sending coins
- Not being unique is a weird take when codes are open source and everything is a copy of a copy. Even the ones that have build the innovations that others copy.

I am not saying you could make money by holding it, but i don't think it should be main use case for an utility coin anyway.

[Jostern]

If I want to diversify from investing in bitcoin, I could choose to buy ETH, there is this thing about ETH price movements, it actually moves when bitcoin also moves, which means it’s probably dependent on bitcoin something of that nature, but the problem I have with buying ETH is that i haven’t really decided if I want to start buying ETH for the long term, or for short term gains, but I’m majorly trusting bitcoin for the long term because it’s more about risk management practices, anyways just like I have previously said if I’m ready to play around with some altcoins then ETH could be a good bet, I have some friends who appreciate ETH I think they’re quite doing excellent with it.

[ultrloa]

If I want to diversify from investing in bitcoin, I could choose to buy ETH, there is this thing about ETH price movements, it actually moves when bitcoin also moves, which means it’s probably dependent on bitcoin something of that nature, but the problem I have with buying ETH is that i haven’t really decided if I want to start buying ETH for the long term, or for short term gains, but I’m majorly trusting bitcoin for the long term because it’s more about risk management practices, anyways just like I have previously said if I’m ready to play around with some altcoins then ETH cloud be a good bet, I have some friends who appreciate ETH I think they’re quite doing excellent with it.

If you want to take a risk then well maybe ETH is good for you, but I'd rather choose to deal with it for short term due to some concerns. Then would just focus accumulating Bitcoin since this is I think the best or suitable option to have that for long term matters.

Talking about diversification I would rather choose Gold, because so far this is another great reliable asset that holds great long term value.

I really don't want to take a risk on a shitcoin, that's why I always think about going on much safer and reliable choices.

[DanWalker]

If I want to diversify from investing in bitcoin, I could choose to buy ETH, there is this thing about ETH price movements, it actually moves when bitcoin also moves, which means it’s probably dependent on bitcoin something of that nature, but the problem I have with buying ETH is that i haven’t really decided if I want to start buying ETH for the long term, or for short term gains, but I’m majorly trusting bitcoin for the long term because it’s more about risk management practices, anyways just like I have previously said if I’m ready to play around with some altcoins then ETH cloud be a good bet, I have some friends who appreciate ETH I think they’re quite doing excellent with it.

If you want to take a risk then well maybe ETH is good for you, but I'd rather choose to deal with it for short term due to some concerns. Then would just focus accumulating Bitcoin since this is I think the best or suitable option to have that for long term matters.

Talking about diversification I would rather choose Gold, because so far this is another great reliable asset that holds great long term value.

I really don't want to take a risk on a shitcoin, that's why I always think about going on much safer and reliable choices.

What you put your money in, ETH or altcoins, that's on you. I got nothing to say about that.

But I wanna point out one thing. If the goal is diversification to cut down risk, dumping money into ETH isn't exactly a smart move because they're in the same market and highly correlated with each other.

Diversification only really works when you spread your money across asset that have lower correlation. Gold, stock way better picks than ETH if that's what you're going for.
Im going with gold too for diversification.

[pooya87]

-cut-
By all definitions, ETH is a shitcoin:
- Centralized
- Mutable blockchain
- Unlimited supply
- Flawed protocol
- Useless (only used to create useless tokens)
- Not doing anything unique (there are other better token creation platforms)

In this stage, we can only see short lived pump and dumps that will never reach the level of 2017 pump and the more time that passes, the harder it will get to pump it even further. Meaning profit can still be made from this shitcoin but bag-holding it long term is a terrible idea.

Let's brake this down.

- Decentralization is more like a pipe dream anyway. Chains will be controlled by small group of people or mining farms with most money to put into mining or staking.
- Everything is mutable if consensus agrees with mutability.
- Unlimited supply is misleading as it has burning mechanism, and something like 21 limit doesn't make much sense for something like eth. It's meant to be used, not hoarded.
- You can just say "flawed protocol" without explaining what you mean?
- Explain to me how anything in this space here is "useful', other then for some meta usecases, trading or sending coins
- Not being unique is a weird take when codes are open source and everything is a copy of a copy. Even the ones that have build the innovations that others copy.

I am not saying you could make money by holding it, but i don't think it should be main use case for an utility coin anyway.

- No it is not. We have already achieved it in Bitcoin and we have had a decentralized network for the past 17 years.
- No they are not. Bitcoin's blockchain has been immutable and nobody can roll back a large number of blocks if they lose money themselves (they have tried in the past). Something that easily happened in the centralized shitcoin called ETH when the central authority lost money and rolled back blocks to get their own coins back (it happened in other centralized shitcoins as well)
- Unlimited supply is not misleading because it is how ETH is designed and it makes perfect sense. The misleading part is when they call ETH a currency since it is "fuel" used for smart contracts not a currency. So it needs to be uncapped but that also ensures inflation. It becomes a shitcoin when they advertised it as a currency, a "better bitcoin" and stuff like that with their flippening campaing!
- For example the exploits that lead to the DAO mess and the subsequent rollback that were never truly fixed. That and many other flaws in the smart contract protocol
- One word: Bitcoin. A global payment system that is actually used for payment and since it is the only money in existence, it is also used as a store of value (everything else including fiat is a currency at best)
- Fair enough but the question is if the copy of the copy better. For example bitcoin is a payment system. There are lots of other altcoins that claimed to do the same like litecoin, even dogecoin, ripple, etc. but are they any better? No. They are worse. Now ethereum is a token creation platform. There are lots of other token creation platforms. Are they better? In some cases yes.

[Futurexxx]

This post would have suited well in trading discussions, since it’s talking about trading ETH, watching chart and a predetermined entry prices already mapped out. You should consider moving the post to the Trading discussion board, so it will get the attention of the right audience.

Your sentiment is not entirely bad, but I think that it is also more of speculation, since he is talking about what may happen or may not happen, and how he might react to it if this or that eventually happens.

If he is thinking of trading it in the futures market which I think is unlikely, then it's fine, but if he plans to buy and hold if his perfect scenario plays out, I don't think it's a nice idea because ethereum may not be as shitty as other alt coin, but it's still not as reliable as Bitcoin, so I would advice that he go for Bitcoin instead, if he is planning on investing, since it has proven to be more trustworthy over the years than every other crypto asset out there.

[nelson4lov]

On $ETH.

I know it spent an overwhelmingly amount below $2000 but I genuinely thought I had more time to accumulate as much ETH as I could but its just unfortunate that we have since went above $2000 and all attempts to take it lower (below $2300) have proved abortive. I believe ETH just like the Ethereum protocol itself  will be important for the next phase/evolution of crypto especially now that we might get full agentic economy in the future.

Any opportunity below $2000 once again will be met with a small bid from me.

[Abiky]

What you put your money in, ETH or altcoins, that's on you. I got nothing to say about that.

But I wanna point out one thing. If the goal is diversification to cut down risk, dumping money into ETH isn't exactly a smart move because they're in the same market and highly correlated with each other.

Diversification only really works when you spread your money across asset that have lower correlation. Gold, stock way better picks than ETH if that's what you're going for.
Im going with gold too for diversification.

Investing into ETH has never been a smart move. From time to time, ETH has been proven to deliver less than expected. Like not reaching a new ATH for quite a long time. Investors who bought ETH at its peak in 2021, are still at a loss. Meanwhile, those who bought and held BTC at the time, have made a huge return in their investment. The situation is such, that the ETH dev team is devising new ways to scale the L1 chain to keep up with the competition. They used to leave everything in the hands of L2 networks. But with liquidity flowing out of the main ETH chain right into L2s, developers were forced to take action.

Is there still hope for ETH? No one truly knows. It's an unpredictable future, anyways. Only buy ETH if you feel comfortable doing so. As long as you don't invest more than what you can't afford to lose, nothing else matters.

[FinneysTrueVision]

Altcoin investors have been making life changing amounts of money on HYPE, Zcash and a few other coins. I wouldn’t fade ETH at this moment when some top tier altcoins are performing well. It might not end up outperforming Bitcoin, but if you are using leverage it doesn’t have to. Everyone has their risk tolerance and some might be willing to endure the volatility and significant drawdowns. There are all sorts of criticisms against Ethereum, but very few will care if it ends up making good returns and right now it is up 38% in the past month.

[DanWalker]

Investing into ETH has never been a smart move. From time to time, ETH has been proven to deliver less than expected. Like not reaching a new ATH for quite a long time. Investors who bought ETH at its peak in 2021, are still at a loss. Meanwhile, those who bought and held BTC at the time, have made a huge return in their investment. The situation is such, that the ETH dev team is devising new ways to scale the L1 chain to keep up with the competition. They used to leave everything in the hands of L2 networks. But with liquidity flowing out of the main ETH chain right into L2s, developers were forced to take action.

Is there still hope for ETH? No one truly knows. It's an unpredictable future, anyways. Only buy ETH if you feel comfortable doing so. As long as you don't invest more than what you can't afford to lose, nothing else matters.

To be fair, ETH only had poor performance in the last bull market. It couldn't even break the previous ATH, but most altcoins did way worse and couldn't even get back to their old ATH.

During the 2018 and 2021 bullrun, it actually outperformed BTC.

And if you're comparing ETH with other Layer 1s, I think you're wrong there.  It's still one of the biggest ecosystems and where most of the money in the altcoin market is concentrated.
ETH is still a much more promising investment than many other altcoins.


Source: DefiLlama

[nelson4lov]

To be fair, ETH only had poor performance in the last bull market. It couldn't even break the previous ATH, but most altcoins did way worse and couldn't even get back to their old ATH.

During the 2018 and 2021 bullrun, it actually outperformed BTC.

And if you're comparing ETH with other Layer 1s, I think you're wrong there.  It's still one of the biggest ecosystems and where most of the money in the altcoin market is concentrated.
ETH is still a much more promising investment than many other altcoins.


Source: DefiLlama

The problem with the ETH thesis has nothing to do with its ecosystem which is why the Ethereum ecosystem has stayed largely alive even when ETH was trading around $1800 just over a month ago. I don't think anyone buying ETH now should be expecting 5 to 10x increase because right now, the total supply and marketcap is too huge that it would require much more amount of capital and liquidity to move it to those prices that people are expecting it to go to like $10k and $20k.

[DanWalker]

I don't think anyone buying ETH now should be expecting 5 to 10x increase because right now, the total supply and marketcap is too huge that it would require much more amount of capital and liquidity to move it to those prices that people are expecting it to go to like $10k and $20k.

If you mean expectations for this cycle, then yeah, I agree.

But imo, if we believe Bitcoin can reach $1M or even surpass gold in the future, expecting ETH to reach 10k or 20k does not sound that unrealistic either. After all, it's still considered the most investable and trusted coin in the market after Bitcoin.

Plus, crypto marketcap is only sitting at around 3T, which is still tiny compared to gold, stock or traditional financial market. So the potential is still massive if things keep growing and capital flows in the right direction.

[Mayor of ogba]

Since you are interested in ETH and you want to buy it, there is no need for you to wait for it to drop to $2,520 before you can buy, you can be using the DCA strategy to accumulate it gradually if it drops down to the $2,520 you can lump sum and if it doesn't drop you are already on the ride of accumulating ETH and you won't regret why you didn't waited for the price to drop to $2,520 unless you are a trader then I understand why you want to wait ETH at $2,520.

[o48o]

Let's brake this down.

- Decentralization is more like a pipe dream anyway. Chains will be controlled by small group of people or mining farms with most money to put into mining or staking.
- Everything is mutable if consensus agrees with mutability.
- Unlimited supply is misleading as it has burning mechanism, and something like 21 limit doesn't make much sense for something like eth. It's meant to be used, not hoarded.
- You can just say "flawed protocol" without explaining what you mean?
- Explain to me how anything in this space here is "useful', other then for some meta usecases, trading or sending coins
- Not being unique is a weird take when codes are open source and everything is a copy of a copy. Even the ones that have build the innovations that others copy.

I am not saying you could make money by holding it, but i don't think it should be main use case for an utility coin anyway.

1 - No it is not. We have already achieved it in Bitcoin and we have had a decentralized network for the past 17 years.

2 - No they are not. Bitcoin's blockchain has been immutable and nobody can roll back a large number of blocks if they lose money themselves (they have tried in the past). Something that easily happened in the centralized shitcoin called ETH when the central authority lost money and rolled back blocks to get their own coins back (it happened in other centralized shitcoins as well)

3 - Unlimited supply is not misleading because it is how ETH is designed and it makes perfect sense. The misleading part is when they call ETH a currency since it is "fuel" used for smart contracts not a currency. So it needs to be uncapped but that also ensures inflation. It becomes a shitcoin when they advertised it as a currency, a "better bitcoin" and stuff like that with their flippening campaing!

4 - For example the exploits that lead to the DAO mess and the subsequent rollback that were never truly fixed. That and many other flaws in the smart contract protocol

5 - One word: Bitcoin. A global payment system that is actually used for payment and since it is the only money in existence, it is also used as a store of value (everything else including fiat is a currency at best)

6 - Fair enough but the question is if the copy of the copy better. For example bitcoin is a payment system. There are lots of other altcoins that claimed to do the same like litecoin, even dogecoin, ripple, etc. but are they any better? No. They are worse. Now ethereum is a token creation platform. There are lots of other token creation platforms. Are they better? In some cases yes.

Numbering your points to give my response clarity...
 
1: 2 pools control over 50% of the Bitcoin's hashrate.

2: It's immutable only if consensus wants it to be immutable. The whole thing works like it does only because consensus agrees to use the current code. The fact that it hasn't been rolled back doesn't mean it wouldn't be
in the future. If someone would get their hands on to 30% of the privatekeys, including Satoshi's because of some quantum computer hack or something. You can bet that majority would agree on the rollback.

3: I wouldn't call any of these "currencies" per se. But it's easiest concept to sell for people when you talk about them, so i understand it. And i never have seen it advertised as "better bitcoin". Was that by ethereum foundation or a random anon in the internet? Every coin ever has been said to be an eth or btc killer by someone at some point.

4:  Literally because consensus agreed to roll back. There was an ETH classic, but it wasn't what majority wanted. Bitcoin had it own fork wars as well, but consensus chose this one. But none of this is about decentralization.

5: That's not really debunking my point. Those are literally meta use cases and sending coins against fiat value, which you can do with majority of the coins. I give you that it has most trust behind it, and because it's the oldest, most battle tested and has 21M cap, it makes it best store of value so far. That can change if regulations start to penalize PoW mining coins.

6: I am not sure where you are going with this one. I agree i guess.

[AYOBA]

If I want to diversify from investing in bitcoin, I could choose to buy ETH, there is this thing about ETH price movements, it actually moves when bitcoin also moves, which means it’s probably dependent on bitcoin something of that nature, but the problem I have with buying ETH is that i haven’t really decided if I want to start buying ETH for the long term, or for short term gains, but I’m majorly trusting bitcoin for the long term because it’s more about risk management practices, anyways just like I have previously said if I’m ready to play around with some altcoins then ETH could be a good bet, I have some friends who appreciate ETH I think they’re quite doing excellent with it.

Yeah, the ETH is actually the best some are trying to compare the Solana and ETH with each other they don’t know that they’re not in the way. Because even if look at the ETH movement is  more better than the Solana, this make me remember last time I bought the Solana and at end of day I end of selling it at lose. And is not I bought it in a short time frame but the market was actually down, and at that moment I need money to invest in the ETH, I have no choice to sell all my Solana that’s how I take lose some parts of my portfolio.

[TastyChillySauce00]

To be fair, ETH only had poor performance in the last bull market. It couldn't even break the previous ATH, but most altcoins did way worse and couldn't even get back to their old ATH.

During the 2018 and 2021 bullrun, it actually outperformed BTC.

And if you're comparing ETH with other Layer 1s, I think you're wrong there.  It's still one of the biggest ecosystems and where most of the money in the altcoin market is concentrated.
ETH is still a much more promising investment than many other altcoins.


Source: DefiLlama

Yep, that's true and I think the reason it performed so badly only in the previous bullrun was the fragmentation caused by having too many L2 which significantly reduced the main chain revenue and also reduced part of staking reward, as a result lesser demand.

There was also fragmentation when ETH holder decided to dump their ETH in favor of governance token which proven to be useless today, fortunately L2 has started to close down one by one and there's only few left that is really needed to scale in time of high traffic. Hopefully the next bullrun would be different and ETH actually break previous ATH. I see no reason why it can't, it has low inflation, only 3% rise in total supply from 2021 bullrun and it has been the primary blockchain to use by Defi protocol again, projects rarely deploy to other blockchain or L2 but always to ETH directly because matured ecosystem.

[Abiky]

If you mean expectations for this cycle, then yeah, I agree.

But imo, if we believe Bitcoin can reach $1M or even surpass gold in the future, expecting ETH to reach 10k or 20k does not sound that unrealistic either. After all, it's still considered the most investable and trusted coin in the market after Bitcoin.

Plus, crypto marketcap is only sitting at around 3T, which is still tiny compared to gold, stock or traditional financial market. So the potential is still massive if things keep growing and capital flows in the right direction.

Most altcoins rise in tandem with Bitcoin. Only if BTC stays bullish for a prolonged period of time. ETH is no exception. It's the second-largest cryptocurrency by market cap, anyways. So it's possible ETH will be worth five figures once Bitcoin goes all the way towards $1m. This is speculating, of course. Because we can't tell with certainty how the market will behave in the future.

DCA may be the best strategy to follow, if we take into consideration rising market prices over time. Perhaps, there's still hope for ETH after experiencing a loss of interest from retail investors. I mean, the competition has taken away a significant portion of ETH's market share. Rival chains such as Solana and BSC (powered by BNB) have faster and cheaper L1 networks. ETH needs on-chain scaling to topple the competition. We'll see what happens...