Crypto markets kicked off the week strong, but it’s been especially sweet for Ethereum!
ETH has gained tremendous momentum over the past few weeks and recently crossed the crucial $4,000 mark after 8 long months. More institutions are stacking up Ethereum in their treasuries, which shows rising confidence in its long-term value.
Co-founder Vitalik Buterin has recently proposed EIP-7999, a game-changing upgrade that simplifies Ethereum’s fee structure by allowing users to set a single maximum fee for transactions, boosting optimism around the network.
While many are excited about ETH’s potential, a critical few remain skeptical. Here’s Samson Mow’s brutal take.
Samson Mow Warns of ETH Pump-and-Dump
Not everyone is buying the hype around Ethereum. Samson Mow, CEO of JAN3, says the recent ETH rally is driven by Bitcoin whales, many early ETH insiders, rotating BTC into Ethereum to pump new narratives like “Ethereum treasury companies.”
Once prices peak, they will sell ETH to new buyers, creating fresh bagholders before moving gains back to Bitcoin. In his words, “no one wants ETH in the long run,” and investors should plan accordingly.
He also believes that Ethereum will struggle to break its ATH as selling pressure rises, and added that it has long been used mainly to accumulate Bitcoin since the ICO era.
Will Ethereum Bring Altcoin Season Soon?
Ethereum supporter Anthony Sassano called Mow an “old school Bitcoin maxi” and dismissed the criticism. He says that this criticism actually highlights Ethereum’s strength and signals positive growth ahead.
Likewise, many analysts remain bullish on ETH. Fundstrat’s Tom Lee says that Ethereum is having its “2017 Bitcoin moment” and could even flip the world’s leading cryptocurrency eventually.
Analyst Ali Martinez says that it’s not a market top yet for ETH as MVRV metrics show there’s still room to run. He notes Ethereum’s net capital change has just surpassed Bitcoin’s, calling it the clearest sign that altcoin season has officially arrived.
Investor Ted Pillows expects a market rotation ahead. He sees Ethereum breaking its ATH and sparking an altcoin rally, then money moving to BTC toward $140K. In the final phase, he sees ETH and altcoins rising again in a euphoric finish.
Key Levels to Watch for Ethereum
Michael van de Poppe notes that Bitcoin is nearing a new all-time high but expects a pullback before moving higher. Such a move could trigger a sharp dip in altcoins. While Ethereum has strong momentum and could continue upward in the coming months, he warns it may stall after the recent surge.
For Ethereum, the levels to watch are $4,100 and $3,950. Losing these could lead to further downside.
Both Bitcoin and Ethereum are at crucial points. The next few weeks will reveal whether this is the start of a lasting rally or the setup for a market correction.
