強気と弱気の見解のまとめ: ETH の市場センチメントは?

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原文翻訳: TechFlow

What is the market sentiment for ETH? Let’s take a look!

Opinions on $ETH have been split lately. Many traders and analysts remain bullish, but some have turned more bearish. I gathered some of the most respected voices on Crypto Twitter (CT) to understand why these opinions have changed.

First, we’ll look at the arguments for and against ETH, then dive into what some of the biggest cryptocurrency opinion leaders have to say.

Bullish case

Ethereum 2.0 Upgrade: The Ethereum 2.0 upgrade, which moves from Proof of Work (PoW) to Proof of Stake (PoS), is the main driver of the bullish sentiment. The upgrade is expected to increase the network’s transaction capacity and attract more users and developers.
Growth of DeFi: Ethereum is the core of the decentralized finance (DeFi) ecosystem and hosts most related projects. As DeFi platforms that provide services such as lending and trading continue to develop, the demand for ETH will also increase, thereby increasing its value.
NFT: Ethereum is the main platform for NFTs, and as the popularity of NFTs surges, ETH is required to mint, buy, and sell NFTs, which has increased its demand.
Smart Contract Functionality: Ethereum supports smart contracts, making it the first choice for developers to build decentralized applications. This flexibility enhances its market value, thus bringing positive market sentiment.
Institutional Recognition: More and more institutions are beginning to recognize the potential of Ethereum as a valuable asset and innovative platform, which adds trust and stability to its market position.

Bearish arguments

Scalability issues: Although Ethereum has upgraded to 2.0 and switched to PoS, it still faces serious scalability challenges. The network performs poorly when processing a large number of transactions, resulting in congestion and high fees during peak hours, which is very frustrating for users and developers.
Competition from other blockchains: Ethereum is facing stiff competition from other blockchains that offer faster transaction speeds and lower fees. Platforms such as Solana, Binance Smart Chain, and Cardano are rapidly emerging, attracting developers and projects that might otherwise choose Ethereum.
Update delays and development challenges: Ethereum’s development schedule has experienced delays in the past, and any further delays to key upgrades could spark bearish sentiment in the market. Investors may lose patience if Ethereum is slow to fix existing issues or roll out new features.

So, what is the mainstream market sentiment for ETH?

Lets take a look at what top traders and analysts are saying:

@sassa l0 x believes that ETH is the core asset of the decentralized Ethereum economy, emphasizing its decentralized nature, liquidity, and growth potential, which make it a strong investment as the ecosystem expands.
@0x Quit highlights the unique value of Ethereum as a platform full of innovation and creativity, in stark contrast to Bitcoin’s reputation as a stable store of value.
@llamaonthebrink believes that the value of Ethereum lies in its unique innovative features and potential to create new narratives, which requires forward-thinking beyond traditional financial concepts.
@0x ENAS believes ETH is a promising long-term investment opportunity as current support levels and general negative sentiment may indicate a good opportunity to buy against the trend.
@deltaxbt humorously linked ETH’s 25% drop relative to BTC to Vitalik Buterin’s relationship status, advising the founder to stay single to avoid similar market fluctuations.
@rektmando expressed a bearish view, arguing that ETH holders are uncertain about the future of Ethereum after seeing @VitalikButerin sing.
@MoonOverlord believes that layer-one transactions are no longer viable, viewing Ethereum as a “past opportunity,” and points to Solana’s low fees and fast transaction confirmation speeds as evidence of this shift.
@crypto_bitlord 7 took a bearish view, believing イーサリアム is “finished” and said he plans to sell the tokens he bought during the ICO era.
@gametheorizing argues that Ethereum’s value relies primarily on the strength of its community, and warns that if community power weakens due to narrative fragmentation or competition from second-layer solutions, its value could decline.
@GwartyGwart is frustrated with Ethereums transaction system, specifically the negative experiences users have when trying to send the maximum amount of ETH.

Overall, there are far more reasons to be bullish on $ETH than bearish. Developers continue to prefer Ethereum, the number of decentralized applications (dApps) continues to increase, and institutions are gradually adopting it. Bearish sentiment is usually due to price drops or sales by Vitalik and the Ethereum Foundation, but these actions are usually explained as donations or operating costs.