After making astounding remarks about Ethereum bulls two days ago, former Ark Invest analyst Chris Burniske thinks a capitulation could occur before rebounding to ATH. By referring to a bullish thesis to Valhalla, Burniske has now noted that Ethereum must ‘first die to make it’ to the promised land.
Notably, Ethereum (ETH) price has dropped approximately 5.7 percent in the last 24 hours to trade at around $1,540 on Friday. With over $52 million liquidated in the past 24 hours in the Ethereum market, short sellers could increase during the weekend.
Previously, Burniske had indicated that the Ethereum price will go parabolic after the Shanghai upgrade, which will enable the withdrawal of staked Ethers. Meanwhile, Burniske is convinced a crypto market is on the precipice of posting major losses.
Closer Look at Ethereum (ETH) Predicaments
The second-largest digital asset by market capitalization and the most vibrant smart contracts ecosystem is facing challenges brought forth by its success. With over $29 billion in total value locked (TVL) and over 16 million ETH staked under the beacon chain, the SEC under Gary Gensler seeks to ban staking as a service program.
One of the largest Ethereum staking projects Lido Finance (LDO) has seen its token value depreciate by over 10 per cent in the past 24 hours. Mind you, Lido is expected to be among the next affected firms by the SEC witch-hunting.
“Today’s action should make clear to the marketplace that staking-as-a-service providers must register and provide full, fair, and truthful disclosure and investor protection,” Gensler noted.
The Ethereum network, which has the most DeFi projects, will be losing 25 per cent of the global market activity in, the United States, in its staking program. Thus promoting analysts to see a plausible capitulation soon.
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