Ethereum at $1808, facing tough realities about imitating XRP.
Let's explore why the co-founder of Solana believes Ethereum Price struggles around $1808 and why it cannot follow the XRP strategy that relies on the sentiment of success. Anatoly Yakovenko, co-founder of Solana, recently shared his view on Ethereum (ETH), stating that it cannot reflect the XRP strategy for achieving success in the current crypto world. On the social media platform X, Yakovenko wrote, "They are different assets with unique features (e.g., strong digital gold meme, good narrative, strong retail trading community, etc.) that your asset does not seem to possess." He also added, "Unique extreme values do not mean these rules apply to everyone. This is just a denial excuse to ignore the issues." Along with this post, many posts in the thread he shared and explained about the irrational market behavior elsewhere indicate that the same cannot be designed for Ethereum.
I see this all the time in Ethereum: "BTC/XRP/etc is value and they don't have 'fundamentals', so why should ETH need them?" It makes no sense and needs to die. Imagine Bezos on a continuous earnings call saying "ya gme/amc stock is ripping without profits, so we don't need to make $$ either now" https://t.co/2vbyjgm9jf - John Charbuno 🇺🇸 (jon_charb) April 26, 2025
Malekan highlights sentiment-driven valuations
This discussion was fueled when Omid Malekan, an assistant professor at Columbia Business School, criticized the inconsistent way that Ethereum market trends seem to underperform. Malekan highlighted the fact that Ethereum's struggles are often linked to fundamental weaknesses compared to sentiment-driven assets like XRP, which continue to thrive without facing similar scrutiny.
Malekan noted that the fully diluted valuation of XRP (FDV) surpassed that of ETH despite the latter holding a large amount of XRP supply. He criticized this phenomenon, describing it as 'narratives' and 'sentiments,' often actual fundamentals being explicit in determining asset prices, labeling the crypto market as immature. He wrote on X, 'Unlike other dubious coins (like ONDO), we can't attribute XRP's strength to low float or insider handling. It is literally one of the accessible coins out there.'
He also added, 'The market continues to price it as extremely valuable - closer to ATH than SOL. This despite the fact that the company holds half the supply and could mint more than necessary if it wanted to. So, pray, what’s the deal with the well-designed ripple, capturing value for the liver holders? Or what remains of the crypto markets largely, promoting it, promoting it,'
I enjoyed the slicing resistance with thestalwart but it's still crazy to me how people keep attributing ETH's poor performance to poor chain design and falling fundamentals without addressing XRP. Not only is XRP the third most valuable chain with an FDV higher than ETH,... - Omid Malekan 🧙🏽 (malekanoms) April 26, 2025
The co-founder of Solana emphasizes the value of modeling
In response to this comment and presentation, Solana co-founder Yakovenko reacted in a more technical manner, indicating that without being able to accurately design why cryptocurrencies like XRP or Bitcoin are valuable, it is impossible to recreate their success or effectively compete against them. Overall, it is unlikely that XRP's approach will be replicated, as it points to the importance of different fundamentals for each blockchain.
Ethereum Price: Facing significant technical pressure
Meanwhile, Ethereum market trends have struggled due to technical obstacles despite a brief rally earlier in April. ETH has an issue maintaining momentum and remains trapped below key moving averages. According to Cryptoverse data, ETH is trading below crucial levels such as the 8, 20, and 50-week simple moving averages (SMAs). Its price has faced long-term rejection at points between $1850 and $1900, unable to break this resistance area. As of April 27, 2025, Ethereum's price is $1820. This technical setup indicates a strong downward trend that will be difficult to reverse without a significant surge in Ethereum's price.
Ethereum risks a negative side without a breakout
With the current Ethereum market trends on the downside and Ethereum's price at $1820, it remains stuck in a narrow range between $1750 and $1900. Analysts have warned that without any significant push or breakout above the $2000 mark, the downside risks will continue to dominate. Unless broader market sentiment shifts significantly, Ethereum may struggle to participate constructively in any major cryptocurrency rally in the near future.
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