Economist Alex Krüger warns traders regarding Ethereum, saying one of ETH’s biggest rivals has already reached breakout velocity and will likely continue to outperform.
In a message on the social media platform X, Krüger says tells his 184,000 followers that “it’s time to stop betting on ETH as an asset,” given its disappointing performance in recent years.
“Even in the event of a Trump victory. When an asset should rise and does the opposite, the market is telling you something. There are better crypto assets to bet on. Don’t be stubborn.”
Kruger say he planned to leverage long ETH and Solana (SOL) on the night of the US election when it looked like pro-crypto presidential candidate Donald Trump would be ahead.
But now the trader says he has “scraped” ETH in favor of SOL and other opportunities.
He notes that the recent memecoin frenzy on Solana, which he says is part of the “degen wars,” has pushed the Ethereum rival into a more dominant position than Ethereum and its Layer-2 (L2) ecosystem.
“Trump winning would be positive for altcoins. I am not bearish on ETH/USD. But there are many more coins that are too long.
The ETH/BTC chart is in a clear multi-year downtrend without a recent wave of depletion. On-chain activity is different from Ethereum. L2s multiply, but add little value to ETH. Solana has achieved escape velocity and won the epee wars. And a whole new ecosystem is now developing around BTC.
So what will it take to turn the fundamentals around and change the trend? What will make ETH deflationary again? What is the argument for betting on ETH instead of BTC + SOL?
The loss of Gensler would allow ETH ETFs (exchange traded funds) to take custody of the ETH, making the ETFs more attractive. But it would also open the door for SOL ETFs.
I’m not a maxi. Welcome others who try to change my thoughts.”
At the time of writing, Ethereum is trading at $2,473, while Solana is worth $172.
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Generated image: Midjourney
