Due to yesterday’s crypto market rout, Ethereum (ETH) has now faced rejection at the key $4,000 resistance level for three times since March 2024. The second-largest cryptocurrency by reported market cap is now trading at the $3,400 level, down 6.7% in the past 24 hours.
What’s Behind Ethereum’s Underwhelming Price Performance?
While ETH has posted a respectable 47% year-to-date (YTD) gain, it has been outpaced by other major cryptocurrencies like Bitcoin (BTC), Solana (SOL), and XRP, which have recorded significantly higher returns in the same period. Several factors appear to be holding back Ethereum’s price momentum.
One contributing factor is Ethereum’s comparatively weaker brand recognition versus Bitcoin. This was highlighted by the lackluster response to the launch of spot ETH exchange-traded funds (ETFs) in August.
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