Andre Cronje, the founder of the previous project Phantom (formerly known as Sonic) and famously called the ‘DeFi Dad,’ has analyzed the reasons for the recent decline in Ethereum (ETH) price. He considers intense competition from Solana (SOL) and Tron (TRX) and internal network disputes as the most significant factors for this decrease. Cronje points out issues such as poor user experience in Layer 2 projects, selling pressure from these projects, negative impact of stablecoin USDe, and scalability roadmap challenges in Ethereum as the main reasons for this drop. He also mentions that Ethereum defenders are more talkers than engineers, and network governance issues remain unresolved. Cronje emphasizes that competitors like Solana and Avalanche (AVAX) with better speed and user experience are more attractive options for developers. He even stated that if he intended to invest, he would choose Solana, Tron, or Ripple (XRP) instead of Ethereum. With Ethereum price recently dropping to around $2,000, some analysts predict that this digital currency may fall to $1,000. Currently, Ethereum is trading at $2,184, and whales have recently purchased one million Ethereum at lower levels. Despite factors such as the possibility of Ethereum ETF approval and adding this asset to America’s strategic reserves, the price performance of this currency has still been below expectations. Analysts consider Ethereum’s resistance range to be $2,857 and its key support to be $2,084, believing that crossing any of these levels can determine Ethereum’s future trend. On the momentary digital currency price page, you can see the prices of all tokens and cryptocurrencies live and in real-time.
