thecryptobasic.com
Ethereum (ETH) price has hit a major milestone, as it has hedge against a 30% slump in more than 495 days.
Benjamin Cowen, a top market analyst and CEO of Into The Cryptoverse spotted this trend, underscoring the resilience of Ethereum even amid the past crypto winter. Like many other digital currencies, Ethereum is yet to reclaim its All-Time High (ATH) price of $4,891 set in November 2021.
What is obvious with Ethereum, however, is its ability to hedge against steeper declines. While current data pegs the coin below its ATH by 32.96%, other competing Layer-1 protocols like Cardano (ADA) and Avalanche (AVAX) are down 80.33% and 61.33% from theirs respectively.
Ethereum/Bitcoin Slips
The charts shared by Benjamin Cowen showed very closely packed reference points that show minimal slips from at least mid-2022.
It has now been 495 days since #ETH had a 30% drop pic.twitter.com/DxuaXOpKQe
— Benjamin Cowen (@intocryptoverse) March 19, 2024
Amid the ongoing market rout, current data pegs the price of Ethereum at $3,235.22 after suffering a 9.17% slump in 24 hours.
Cowen’s observation is verifiable as the price of ETH over the trailing 7-day period has only slipped by 19.28%. Over the past year, Ethereum has maintained an 11% jump in valuation.
In response to questions on the prospect of buying the asset, Benjamin Cowen said he is more bullish on Bitcoin as the value of ETH keeps tanking on the ETH/BTC chart.
Benjamin Cowen is not alone in his choice of Bitcoin over Ethereum as other veteran traders like Peter Brandt believe the latter coin has lower prospects of surviving in the future.
The Ethereum Evolution
While Cowen’s observation takes account of price trends over several months, top Ethereum proponents are optimistic about the future of the network, riding on the prospects of the Dencun Upgrade.
This upgrade helped usher in a cheap fee regime on its Layer-2 scaling solutions. This is further complemented by the higher throughput it has triggered.
While L2s like Arbitrum, Optimism, and Base are direct beneficiaries of this upgrade, the demand for Ethereum may grow with increased usage from these platforms.
Ultimately, the demand, coupled with other events like the potential approval of spot Ethereum ETFs is likely to extend the number of days for the 30% decline.