Top trader Eugene: The price of ETH may be at a historical low, and it will be difficult to buy at the current price if it strengthens in the future.

BlockBeats News: On August 23, top trader Eugene Ng Ah Sio posted on social media that ETH has underperformed SOL and BTC throughout the current Bull Market cycle, and pessimists believe that ETH's lack of retail-investor-friendly architecture and selling points is the key reason. While this is largely true, markets don't always move in one direction on a consistent basis. In its view, the most important factor remains the current position of the ETH market. ETH has been the most revered asset for Indigenous people in the encryption space for months, and even more so when the ETH ETF was announced. However, since the ETF's launch, the inflow has been disappointing, resulting in only the buyer of Arbitrage ETHE being the ultimate winner. Most of the positions that are optimistic about the future market have been get whipsawed out of positions in the fluctuation of coin prices. Currently, the ETH market is facing extreme negative sentiment and large OG WhaleCapitulation. This means that ETH may be currently positioned at its lowest level ever. In addition, Eugene believes that the weakening of competitor SOL is another reason. SOL's unique selling point is the boom in the meme coin, which is now being challenged. At present, two other ecosystems have launched Pumpfun imitation disks, and some popular Meme coins have appeared. Coupled with the fact that the SOL ETF will not be around for some time, it is currently suspected that the market will have a large SOL longs positionClose Position. While these factors may not be enough to trigger a big pump of ETH, sometimes it only takes a "kick in the door" to trigger a bigger market. Only time will tell if it's too early to draw such a conclusion, or if this is the beginning of a long-term structural bullish shift. But if it's such a Node now, it will no longer be possible to buy ETH at today's price.