Ethereum’s performance has been underwhelming this bull cycle, to put it mildly. The second largest cryptocurrency has underperformed both Bitcoin and Solana.
However, a prominent crypto expert’s “max pain” scenario shows that bulls could potentially be in bigger trouble than previously thought.
One of the top Bybit traders Bluntz – who has over 286k followers on X – claims that the Ethereum price could showcase sideways, consolidatory price action until 2028.
Other experts also suggest that Ethereum meme coins could be a much better investment for this bull cycle than ETH itself. Both large-cap tokens like Pepe and Floki and new meme coins like Pepe Unchained could offer a better return on investment.
Ethereum Price Max Pain Scenario Explained
Bluntz has been extremely accurate with his crypto price predictions in recent months, especially using Elliot Wave Theory to call the local bottom and top for Dogwifhat.
He remains bullish on new meme coins, claiming that WIF, Popcat and Dogecoin could see strong upside moves in the coming weeks. However, he has a dire warning for ETH bulls.
He highlights that the Ethereum price is currently forming a symmetrical wedge in the weekly time frame. If the pattern continues to hold, ETH could see a rally to $3,500 in the short term, followed by a sharp decline below the $2,000 mark.
Moreover, it could continue its sideways consolidatory price action until 2028 before breaking out to new all-time highs.
This could mean that the cycle top is already in for Ethereum, which could explain the ongoing trend of strong capital rotation to Bitcoin and Solana.
Ethereum Hits Historic Lows In Solana and Bitcoin Trading Pairs
The ETH/BTC trading pair hit its lowest mark since April 2021 today on Thursday. This isn’t remotely surprising, considering the strong uptick in Bitcoin Dominance, which experts believe will soon hit the 60% mark.
BREAKING: $ETH/ $BTC HITS LOWEST LEVEL SINCE APRIL 2021 pic.twitter.com/SPar9ut4WX
— DEGEN NEWS (@DegenerateNews) October 24, 2024
However, Ethereum is also underperforming Solana. The SOL/ETH pair hit a new all-time high today, owing to the massive rotation of capital from Solana to Ethereum.
Pretty wild rotation to $SOL here.Has the entire market actually just completely abandoned $ETH? pic.twitter.com/gduPd9sB5z
— Byzantine General (@ByzGeneral) October 24, 2024
Indeed, the Solana price has shown impressive resilience this week, rallying by 16% despite the weakness in Bitcoin and Ethereum.
A few ETH bulls are still not losing hope. Prominent crypto trader IncomeSharks signals that the Ethereum super trend and on-balance volume are still bullish as ETH continues to make higher lows.
However, the largest altcoin will need to showcase much more bullish strength to convince the naysayers not to pivot to Solana and meme coins.
Could Meme Coins Be A Better Alternative To ETH?
It is not without any reason that experts are referring to the next bull market as the “meme coin supercycle”. Some are highlighting that even low-cap meme coins are showing more resilience than ETH.
I’m holding absolute dog shit meme coins, sub $1m MCAP that held up better during that dump than $ETH did.
— Mayne (@Tradermayne) October 23, 2024
As a result, smart money investors prefer to invest in Ethereum meme coins like Pepe and Floki as beta bets on ETH.
Even new meme coins like Pepe Unchained (PEPU) are seeing strong demand from the whales. It has already hit the $22 million mark in its ongoing ICO, thanks to several large whale investments.
PEPU is also a utility-driven meme coin, which is launching its own Layer-2 ecosystem, aiming to offer extremely low trading costs, high staking rewards and instant transactions.
Pepe Unchained L2 Sneak Peek!What we’re building is not just a new chain, but an entire ecosystem.🐸Pepe Unchained L2🐸Block Explorer🐸DEX🐸Bridge🐸Advanced Analytics🐸Builder GrantsPepe Unchained is coming. And it’s going to shake up the crypto space. pic.twitter.com/ZVnvgO6MGF
— Pepe Unchained (@pepe_unchained) September 26, 2024
Experts believe that this is the perfect formula to drive up retail investment, an area where most new Ethereum meme coins struggle.
A growing number of prominent crypto influencers are extremely bullish on PEPU’s upside potential, with some eyeing anywhere between 10x to 100x returns after its launch.
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