Top trader Eugene: The price of ETH may be at a historical low, and it will be difficult to buy again at the current price if the market strengthens in the future

According to BlockBeats news on August 23, top trader Eugene Ng Ah Sio posted on social media that throughout this bull market cycle, ETH's performance has not been as good as SOL and BTC. Pessimists believe the key reason is that ETH lacks a retail-friendly architecture and selling points. Although this is largely true, the market does not always move in one direction. He believes that the most important factor is still the current position of the ETH market.

For several months, ETH has been highly revered by crypto natives, especially when an ETH ETF was announced. However, since its launch, its fund inflow volume has been disappointing which resulted in only arbitrage ETHE buyers becoming winners. Most positions optimistic about future markets have been washed out during price fluctuations. Currently, the ETH market faces extreme negative sentiment and large OG whales surrendering their positions. This means that Ethereum's current positioning may be at its lowest ever.

In addition to this Eugene believes another reason for this situation is competitor SOL’s weakening performance . The unique selling point of SOL lies in Meme coin prosperity which now faces challenges with two other ecosystems launching Pumpfun clones and some explosive Meme coins appearing . Coupled with no appearance of a SOL ETF for some time , he suspects there will be many long positions closing out .

Although these factors may not be enough to trigger a significant rise in ETH prices sometimes all it takes is "one last push" to trigger bigger trends . Only time can tell whether such conclusions are premature or if they mark beginning of structural bullish shift but if we're at such juncture then you won't be able buy into Ethereum at today's prices again.