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Crypto trader Eugene Ng Ah Sio hinted at an Ethereum (CRYPTO: ETH) rally despite the asset’s underperformance compared to Solana (CRYPTO: SOL) and Bitcoin (CRYPTO: BTC).
What Happened: The trader thinks the market conditions could be ripe for a rally, with ETH as the de-facto beta for crypto natives, especially after the announcement of Ethereum ETFs. However, the ETFs' disappointing flows resulted in arbitrageurs emerging as winners. One month into trading, Ethereum ETFs report $7.3 billion in assets under management, significantly less than the $49 billion in Bitcoin ETFs.
The trader also drew attention to the extremely negative sentiment towards Ethereum, with even the most bullish supporters criticizing the cryptocurrency. This, along with whale capitulation, indicates that Ethereum's positioning is probably at its lowest, according to Eugene.
Despite the current pessimism, Ethereum could experience a rally: "Remember – if it's obvious, you wouldn’t be getting today’s prices," Eugene writes.
He added that rising interest in Ethereum could be accelerated by falling interest in Solana, which could lead to a shift in market dynamics.
As a Solana ETF will not be available for a while, traders with SOL positions could unwind. Polymarket data shows only 6% chance of Solana ETF approval in 2024. While this alone might not trigger an Ethereum rally, Ng Ah Sio believes that sometimes all it takes is a little spark to ignite a larger fire.
What’s Next: The influence of Ethereum as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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