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Cryptocurrency analyst Adam (@abetrade) sparked major controversy by declaring that Ethereum is “the most cursed currency in existence,” suggesting that despite a notable rise in public interest in the market, the second-largest cryptocurrency is still stubbornly short of its potential.
Why does Ethereum appear to be cursed?
Speaking to his 178,000 followers on X, Adam He pointed out noted an astonishing increase in open interest linked to Ethereum, noting: “ETH taking the title of the most cursed coin in existence is well-deserved because open interest in the coin has increased 110% since August, yet the price is trading 20% lower than in 2024.” . Elevations. This is really very bad.
In his view, this discrepancy between trader enthusiasm and persistent stagnation in currency prices indicates a fundamental gap that cannot be explained simply by market volatility. He stressed that this dynamic appears to have created a paradox: while rising open interest often signals growing confidence in the market, the value of Ethereum Price path It has failed to reflect this optimism, perhaps due to selling pressure from the spot market.
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Adam went on to describe many of Ethereum’s most loyal supporters as “delusional,” especially those who still crave ETH in the futures market — noting that they appear willing to increase their holdings of ETH whenever the value of the asset declines. Although his stance was decisive, he also acknowledged that this flexibility from buyers could pave the way for a more pronounced future move.
“At the same time, you can see how delusional these people are, and instead of giving up, they resort to it Buy more “Every time they have the opportunity,” he said, embodying his skepticism toward what he interprets as blind faith and acknowledgment of a potential business opportunity in the making.
By presenting two possible scenarios — one in which a sudden liquidation event could push ETH below the $3,000 threshold and another where the market remains flat until a potential “blind bid” of around $2,700 — Adam outlined catalysts that he believes could determine the medium term. Ethereum has a path.
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“Because I’m personally a bit of a redneck, I think this could be set up as a nice long trade with two potential plays, one of which is a sub-$3k liquidation event; if that doesn’t happen, I’ll probably put in a sub-$2.7k bid Blindly because we have pretty clear support there,” he said, noting his willingness to put himself in what he considers a high-risk, high-reward environment.
This view of patience and strategic entry resonated with other technical analysts, particularly Ali (@ali_charts), who commented with a relatively similar price range in mind. “$2,700 to $2,800 seems to be a likely scenario,” Ali stated, reflecting the sentiment that Ethereum may be poised to correct around these levels before any significant recovery occurs.
To expand on this, he mentioned that Ethereum might be the same Trace along an ascending parallel channelwhere temporary price declines can serve as catalysts for larger movements. “If Ethereum is following an upward parallel channel, a drop to the lower limit at $2,800 could serve as a starting point for a move towards $6,000,” he commented.
At press time, Ethereum was trading at $3,082.
Featured image created with DALL.E, a chart from TradingView.com
