If you looked at Coingecko, you may think ETH is a shitcoin, since it dumped by more than 10% in the last 24 hours and almost 15% in the last 7 days.
Furthermore, it has even lost a bit of its magic, since a large part of the DeFi is on Binance Smart Chain now, due to the high Ethereum network fees.
ETH 2.0 seems so far away... Almost forgotten, as well as the EIP 1559 which will significantly reduce the gas fees... Please see below the current fees:
It is a bit shocking, right? So, should we think that ETH is a shitcoin now?...
I hope you do not think so, because:
- The EIP 1559 update is planned by mid-July... which is going to come fast, and it will completely change the picture vs Binance Smart Chain
- ETH 2.0 full launch is not so far away either, you can already earn staking rewards with Binance BETH, and Coinbase has launched a waiting list for Ethereum 2.0 staking, promising interest rates of up to 7.5%
The recent decrease is a unique opportunity to buy ETH at a reasonable price. No doubt that ETH will pump again soon. If you look at the 90 days chart below, you will see that the recent decrease has no impact on the mid-term trend. DeFi tokens such as COMP will likely also pump again soon.