Ansem Says Ethereum Is in a Worse Spot Than 2023 as Thesis Weakens

Crypto analyst Ansem argues Ethereum is in a weaker position in 2026 than in 2023, citing competition from Solana, Hyperliquid’s dominance in perpetual futures, stalled rollup adoption and the Aave/rsETH exploit as erosion of ETH’s core thesis. He notes ETH remains in a sustained downtrend after failing to break multi-year resistance and projects downside back to 2025 lows near $1,300 and possibly to 2022 bear-market levels, with tight invalidation at $2,377 and looser invalidation around $2,700–$2,800. The bearish view has drawn pushback from community members and other analysts who point to strong on-chain activity and bullish technical indicators (Rainbow Chart, MACD). The debate raises near-term market risk for ETH, with potential for further downside if macro and risk-on dynamics don’t lift the token, but offset by bullish on-chain/technical signals that could support a renewed rally.