Financial expert Adam (@abetrade) has stirred up a lot of discussion with his assertion that Ethereum is “the most troublesome coin out there,” implying that although the broader crypto market is seeing increased attention, Ethereum, the second-largest cryptocurrency, continues to fall short of its true potential.
Why Ethereum Seems To Be Cursed
On social media platform X, Adam addressed his 178,000 followers about Ethereum and noted an impressive surge in open interest for Ethereum-related contracts. He commented: “The label of ‘most cursed coin’ Ethereum bears is fitting because the open interest has risen by 110% since August; however, the price remains 20% below its 2024 highs, which is really quite unfortunate.
From his perspective, the discrepancy between traders’ excitement and the coin’s persistent lack of price movement suggests a deep-rooted issue that can’t be chalked up solely to market fluctuations. He emphasized that this situation appears to have created a conundrum: although higher trading volume usually signals increasing market trust, Ethereum’s price trend hasn’t followed suit with such optimism. This might be due to selling pressure coming from the active trading market.
Adam labeled many dedicated Ethereum supporters as “idealistic,” particularly those holding ETH in the futures market who seem eager to buy more when its value decreases. However, despite his critical viewpoint, he also suggested that this buying persistence might pave the way for a stronger future surge.
He noted that while these individuals appear to be delusional, they continue to invest instead of backing down. This observation combines his doubt about their unwavering belief with his perception that there might be a profitable trading prospect emerging.
Adam described two potential situations: one where a sudden collapse might push ETH prices under $3,000, and another where the market remains stable until a possible “hidden buy” around $2,700, which according to him, could shape Ethereum’s mid-term direction.
In simpler terms, he expressed his viewpoint by saying, “Given that I’m not exactly the sharpest tool in the shed, I believe this could be an excellent investment opportunity with two potential strategies. The first is a liquidation where the price drops below $3k; if that doesn’t occur, I plan to make a low-ball offer under $2.7k, as there’s strong support at that level. In essence, he’s showing readiness to take on a risky situation with potentially big returns.”
The idea of patience and tactical approach has found agreement among fellow technical analysts, notably Ali (@ali_charts), who shares a similar perspective regarding potential price range. “A likely scenario could be between $2,700 and $2,800,” Ali suggested, indicating that Ethereum might experience a correction towards these figures before it’s ready for any substantial recovery.
In simpler terms, he suggested that Ethereum’s price might be moving within a rising trendline (ascending parallel channel), and small drops in value (dips) could trigger larger increases. If Ethereum were to drop to the lower boundary of this trendline at around $2,800, it could potentially lead to a surge towards $6,000.
At press time, ETH traded at $3,082.
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2025-01-13 17:12