CandleFocus Ethereum could rally 17% amid Bitwise thesis on ETH contrarian bet
2024-09-18
Author: Content Editor
Ethereum (ETH) has seen a 2% increase in price due to the anticipation of a 50-basis-point interest rate cut by the US Federal Reserve. Despite facing criticism for its weak performance compared to Bitcoin and Solana, Bitwise's Chief Investment Officer (CIO) Matt Hougan notes that Ethereum still offers several opportunities and is a contrarian bet. Hougan highlights that Ethereum leads in key metrics such as hosting over 50% of the stablecoin supply, 60% of DeFi total value locked, and having a strong developer ecosystem. However, there are concerns about regulatory issues, competition from newer chains, declining revenue, and underwhelming performance of Ethereum ETFs. In terms of technical analysis, ETH is attempting to break above a descending trendline and the $2,395 resistance, which could lead to further price movement between $2,395 and $2,817. If the $2,395 level becomes support, ETH could see a 17% increase towards $2,817. However, a rejection at this level could result in a decline towards support at $2,200.
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