Ethereum has tumbled 11.4 per cent in the past 24 hours. This decline comes amid a broader cryptocurrency market sell-off that saw Bitcoin drop 8 per cent, XRP fall 13.6 per cent, and Solana decrease by 12.9 per cent.
Despite widespread negative price action, several prominent industry voices are advancing optimistic arguments for Ethereum's medium-term prospects.
CryptoQuant chief executive Ki Young Ju shared his "bullish thoughts on ETH" on social media platform X. He noted there has been "no significant sell pressure" despite the recent Bybit security breach. "Exchange selling takes time, and OTC offloads barely affect the price," Ju stated. Both on-chain metrics and market data remain neutral, according to his analysis.
Ju highlighted Ethereum's commanding 56 per cent share of the stablecoin market capitalisation. He suggested potential regulatory changes under the Trump administration, which is reportedly "easing crypto regs," could drive further adoption of Ethereum-based stablecoins and smart contracts in 2025.
Additional catalysts were cited by the CryptoQuant executive. He reminded followers that the ETH spot ETF "is already approved" and suggested a "Large Cap ETF altseason" could be approaching for Ethereum. "BlackRock ETH spot ETF holdings increased 124% over the past three months," Ju added.
Growing whale accumulation represents another positive indicator. Addresses holding between 10,000 and 100,000 ETH have increased their balances by 24 per cent over the past year. The current price is "nearing the cost basis of accumulating addresses," according to Ju's analysis.
The CryptoQuant chief expressed surprise at what he characterised as overwhelmingly negative sentiment across crypto social media. "Wow, CT [Crypto Twitter] sentiment on ETH is extremely bearish. Let me know if you have any data-driven analysis to support your bearish thesis. Most bears seem to cite the dropping price itself as their reason for selling. Very interesting," he remarked.
On his alternative X account, under the handle @kate_young_ju, Ju reiterated that "whales are stacking ETH." He noted the current cost basis for these accumulating addresses stands at approximately $2,199, compared to the spot price near $2,505.
Other voices have joined in challenging market pessimism. AdrianoFeria.eth, a member of the Ethereum community, acknowledged that "the market is in the shitter" but urged investors to focus on institutional and political signals favoring the network.
Feria specifically referenced reports that the US President and family had purchased "hundreds of millions of dollars worth of ETH." He also cited the BlackRock CEO's endorsement of tokenization, BlackRock's tokenized USD experiment on Ethereum, and Bybit's need to purchase large quantities of ETH to cover its security breach.
The community member also highlighted statements from Citadel CEO Ken Griffin suggesting Ethereum could eventually replace Bitcoin. For Feria, the fact that "everyone on CT is still taking a shit on ETH" reinforces his contrarian bullish position.
Cryptocurrency analyst IncomeSharks contributed to the discourse by posting a chart showing another "red scary candle" while indicating a buying opportunity above $2,400.
Chris Burniske, partner at Placeholder VC, offered historical context. He reminded followers of 2021's mid-cycle drawdowns: Bitcoin fell 56 per cent, Ethereum 61 per cent, Solana 67 per cent, and many other assets 70-80 per cent. "You can come up with all the reasons for why this cycle is different, but the mid-bull reset we're going through isn't unprecedented. Those calling for a full blown bear are misguided," Burniske stated.
Disclaimer: The information provided in this article is for educational purposes only and should not be considered financial or legal advice. Always conduct your own research or consult a professional when dealing with cryptocurrency assets.