Ethereum Experiences Heightened Short Selling Pressure

On May 8th, Glassnode, a crypto data platform, revealed that Ethereum’s lackluster performance in comparison to Bitcoin this cycle can be attributed to a “noticeable delay in speculative interest from the STH cohort.” Nevertheless, a glimmer of hope emerged just a few days prior to this report, as some investors expressed optimism about ETH’s potential for a breakthrough in price by year-end. Prominent anonymous crypto analyst Ash Crypto shared with his followers on May 6th, “By referring to a historical model, it is possible to discern a similar fractal pattern from the fourth quarter of 2020, which may potentially materialize in the third quarter of 2024.”