Trader Eugene: ETH price may be at a historical low, and it will be difficult to buy at a low price again if the market strengthens in the future

Trader Eugene Ng Ah Sio posted on the X platform that ETH has underperformed SOL and BTC throughout the current bull market, and pessimists believe that ETH's lack of retail-friendly architecture and selling points is the key reason. Although this is largely true, the market does not always move in one direction. He believes that the most important factor is still the current position of the ETH market. For several months, ETH has been the most respected asset by native crypto-natives, especially when the ETH ETF was announced. But since the launch of the ETF, its capital inflow has been disappointing, resulting in only buyers who arbitrage ETHE becoming the ultimate winners. Most of the positions that are optimistic about the future market have been washed out in the coin price shock. At present, the ETH market is facing extreme negative sentiment and large OG whales surrendering. This means that ETH's current positioning may be at its lowest position ever. In addition, Eugene believes that the weakening of competitor SOL is another reason. SOL's unique selling point lies in the prosperity of Meme coins, which is now being challenged. Two other ecosystems have already launched Pumpfun imitations, and some popular Meme coins have emerged. Coupled with the fact that the SOL ETF will not appear for some time, it is currently suspected that there will be a large number of SOL long positions in the market. Although these factors may not be enough to trigger a sharp rise in ETH, sometimes only a "last kick" is needed to trigger a bigger market. Only time will tell whether it is too early to draw such a conclusion now, or whether this is the beginning of a long-term structural bullish shift. But if this is such a node now, you will no longer be able to buy ETH at today's price.