Important insights:
- Critics say Ethereum is boring, but top supporters say this could be the next big thing in Ethereum prices.
- ETH builds value for users and sets a stage of long-term growth.
- The Ethereum Foundation has also launched a new security initiative, the Trillion Sultion (1TS).
Ethereum Crypto investor and analyst Scott Melker tells the public that boredom is the new bullishness of Altcoin, the second-largest.
“The Wolf of All Streets” took X and previously shared the reasons for his statement, hinting at the bullish case scenario of Altcoin at the top.
The Boring Ethereum Story and 5 Factors to Drive ETH Price Rebound
There appears to be an ongoing story about the boringness of the second largest cryptocurrency by market capitalization Ethereum (ETH).
Mercer did not attempt to deny this. Rather, he built up on conversation.
He began by pointing out that ETH’s current “boring” status is what the ecosystem wants.
Additionally, Crypto analysts compared Ethereum to Memecoin, citing the former as “working” while the latter is pumping.
From here, Mercer dives into why boredom is bullish for Ethereum. First, he said, “ETH hasn’t erupted yet…” but it has integrated beyond previous resistance.
This is recognized as a classic sign of strength. So instead of believing that ETH is gone, Melker says it forms the base.
Secondly, it is not out of place for people to hate Ethereum.
He revealed that their stance was based on many concerns, including the cost of gas fees, the speed of Ethereum, and its perceived complexity.
Image Source: Scott Melker from X
What Mercer can make out of this situation is that Ethereum is attracting attention that is worthy of attention.
He then categorized Ethereum’s “boring” as Bitcoin’s 2019-2020, citing that smart money accumulates boring while his stupid counterparts are quietly panicking.
ETH was further touted as an asymmetrical bet on the real infrastructure that supports the explosion of the Layer 2 ecosystem.
Mercer concluded his post on X, saying that the short-term hype around Memecoin is noisy, but Ethereum is building something worth it.
Ethereum price outlook, performance and forecasts
Ethereum prices have risen significantly over the past seven days, shocking the wider crypto community.
The biggest altcoins were caught up in a fierce dip for a long time, leaving investors with a huge loss.
At the time of writing, the ETH price was trading at $2,611. This price level has dropped by around 2% over the past 24 hours, but has risen by 44% over the seven-day period.
On May 13th, Thecoinrepublic observed a “triple white soldier” pattern after Ethereum moved from $1,812 to $2,584.
The move has driven many investors to profitability, with short traders recording a liquidation of $786 million.
Based on registered Onchain technical indicators, it was concluded that progress could be made towards key resistance levels, including a psychological mark of $3,000.
The Ethereum Foundation suggests plans to promote 1 trillion on-chain liquidity
In other ETH news, the Ethereum Foundation has launched a Trillion Dollar Security (1TS) initiative.
The project was designed to allow more than $1,000 in protected storage per user-on-chain and support a single contract with more than $1 trillion in its entirety.
We recognize the growing demand for blockchain infrastructure, particularly those that can support the global financial system.
Additionally, 1TS is a three-part plan to enhance Ethereum’s resilience to high value institutional and personal use.
The launch includes three components: mapping, execution and communication, each with unique features.
Protocol Security Lead Fredrik Svantes and Josh Stark, a member of the EF Management Team, will serve as the first co-chairs of the project.
