- Despite the successes recorded around its network, ETH has been unable to move past $2,000.
- At its press time price, the altcoin could be considered undervalued for long-term holders.
When Ethereum [ETH] hit its All-Time High (ATH) in November 2021, a lot of predictions went around, indicating that the $4,000 landmark was a stepping stone to a rise to $10,000.
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Unfortunately, that has not been the case, as ETH has become a shadow of itself, with its price and market cap now one-third of what it was at its peak.
Santiment, in its “Shed a Teareum for Ethereum” insight, considered how the second-largest asset in market capitalization, has registered some growth and has also been unable to cut out some downsides.
Improving fundamentals, declining value
For a start, Ethereum’s most recent success is the Merge, where it switched from Proof-of-Work (PoW) to Proof-of-Stake (PoS). And as far as scalability goes, the blockchain has had a plethora of projects filling in for the slowness in its transaction speed.
Despite these milestones, ETH has been unable to breakout, with Santiment’s Director of Marketing Brian Quinlivan noting that,
“But the lack of any sort of breakout for the asset has gradually left traders paying less and less attention to the asset (in contrast to other large caps) in the year since.”
One reason for the altcoin’s inability to breakout of its tight trading condition is the massive dec
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Author: Victor Olanrewaju
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