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ETH Lubin is full of confidence in the summer of Ethereum
Joseph Lubin, a Consensys executive and co-founder of Ethereum, said on Wednesday: \"The summer of Ethereum is heating up.\" He believes this is due to the emergence of credible and neutral hosting organizations like Ethlabs-which accelerate the improvement of Ethereum\'s capabilities through a parallel approach to working, providing a strong complement to the troubled Ethereum Foundation.
Lubin emphasized that Ethereum\'s 11-year 100% uptime, anti-censorship, permission-free characteristics and global neutrality are the core advantages of enterprises and governments in building sovereign network platforms. \"For many large financial institutions, the long-term high-value proposition of Ethereum and ETH is becoming increasingly clear. They are building their businesses on Ethereum.\"
Executives bullish, traders bearish
This important endorsement is in response to a post on Platform X by Sharplink CEO Joseph Chalom. Chalom said Ethereum is entering a new phase, with \"organizations focusing on infrastructure, marketing and more emerging to accelerate growth in the upcoming institutional supercycle.\"
(Tweets and links in the original text are omitted here)
Recently, two organizations focusing on Ethereum, Ethlabs and Ethereum Institutional, have been launched, supported by the developers of the Ethereum Foundation and the Ethereum Treasury Company.
However, while executives are generally bullish, investors and traders do not share this view, and their attitudes towards underlying assets appear to be divided.
CryptoQuant analyst Darkfost said on Thursday that there are two very different reactions behind ETH\'s panic. \"The cryptocurrency market is currently going through a stage of complete uncertainty.\" Due to the volatility of the U.S. -Iran conflict and the threat of expectations of a Fed rate hike this year,\"assets like ETH are in a particularly fragile position.\" \"In this environment, even the slightest market volatility is enough to trigger panic operations, as it did when ETH tested the $1500 level.\"
However, the analyst also observed a \"two-way movement\" in exchange capital flows, which \"reflects divergent interpretations of the current situation among market participants.\" Some gave in to panic and sold, while others saw it as an opportunity to increase their exposure to ETH.
ETH prices weaken
Panic and selling have once again prevailed in the past 24 hours. The asset fell 1.8%, falling to $1720 in early Asian trading on Thursday.
ETH has hit the US$1800 resistance level three times this week and was suppressed each time. Prices have now fallen back to weekly lows and are likely to fall below $1700 unless market momentum resumes. Looking at the longer term, the asset is at the bottom of the bear market, down 65% from its peak.
Analyst Cryptollica said: \"ETH has been below its 2021 highs for years, with repeated attempts to recover and unsuccessful results, market sentiment has returned to zero, and it has returned to the same exhaustion zone for the third time.\" He added that this was \"not an early distribution, but a late compression\" and pointed out that if the area could be held,\"then the next move would surprise those who still see it as a sign of weakness.\"
