Ethereum price is preparing for a strong upside finally amid the recent mess created in the Solana ecosystem amid the meme coin collapses. Amid the broader market consolidation, ETH has started gaining momentum and is up 1.8% trading at $2,761 with a market cap of $330 billion. Market analysts believe that as the hype around Solana meme coins burst utility tokens on the Ethereum network will start gaining traction.
Ethereum Price Uptick Sparks Optimism
Crypto analyst Michael van de Poppe has observed a growing momentum for Ethereum (ETH) within the Web3 ecosystem. He predicts a shift from Solana (SOL) to Ethereum as users move away from the “memecoin casino,” while signaling the end of the frenzy period.
Furthermore, Van de Poppe highlighted a recent Ethereum price breakout above the crucial level, adding that it marks the beginning of an uptrend since its capitulation two weeks ago. However, Poppe says that ETH will see a slower upward grind with each upward tick building more momentum and fostering positive sentiment. As the market matures, van de Poppe suggests utility tokens like ETH will outperform.
Solana to Ethereum Shift Could Happen Fast
Analyst Michael van de Poppe has also called out the recent turmoil in the Solana (SOL) and memecoin markets. He described the past 72 hours as a period of significant issues, including fraud and insider trading. He suggests that many investors are abandoning memecoins and returning to “boring” crypto assets as a result. The recent LIBRA token scam has shook the entire meme coins space, especially hitting the Solana-based meme coins hard.
Poppe emphasizes that the era of Solana and memecoins is fading, with Ethereum (ETH) poised to take the spotlight. He likens the current state of SOL memes to the DeFi boom of 2020, calling it a short-lived “inner-circle money printer.” According to Poppe, the market is now returning to “reality,” with established coins like ETH set to shine. Thus, he remains bullish for Ethereum price recovery moving ahead.
ETH Exchange Reserves Drop to 8-Year Low
As per the on-chain data, Ethereum’s exchange reserves have dropped to their lowest levels since 2016, with a significant amount of ETH being moved off exchanges. This trend suggests a tightening supply, paired with increasing demand, which could support medium-term upward momentum in Ethereum price.
The post Why Ethereum (ETH) Price Revival Could Start Soon After Solana Mess? appeared first on CoinGape.
