Ethereum remains below the 30% milestone for 495 consecutive days

Ethereum (ETH) price has reached a major milestone as a safe-haven asset, having resisted a decline of 30% in more than 495 days.
The trend was spotted by top market analyst and Into The Cryptoverse CEO Benjamin Cowen, highlighting Ethereum’s strong performance during this past crypto winter. Like many other digital currencies, Ethereum has yet to recover its all-time high (ATH) of $4,891 set in November 2021.
However, one distinct feature about Ethereum is its ability to resist larger drawdowns. While current data shows the coin is 32.96% below its ATH, other competing layer-1 protocols such as Cardano (ADA) and Avalanche (AVAX) are down 80.33% and 61.33% respectively.
Ethereum/Bitcoin falls
The chart shared by Benjamin Cowen shows a dense network of reference points from mid-2022 to date, showing the only declines.
Amid the ongoing market crash, Ethereum’s price is currently trading at $3,235.22, down 9.17% in 24 hours.
Cowen’s observation is verifiable as the price of ETH has only dropped by 19.28% over the past seven-day period. Ethereum’s valuation has increased by 11% over the past year.
In response to the prospect of buying the asset, Benjamin Cowen replied that he is more bullish on Bitcoin as ETH continues to drop in value on the ETH/BTC chart.
Benjamin Cowen is not the only one who chooses Bitcoin over Ethereum, other veteran traders such as Peter Brandt believe that Ethereum has lower prospects of survival in the future.
The Evolution of Ethereum
While Cowen’s observations take into account months of price trends, top Ethereum supporters remain optimistic about the network’s future, banking on the prospect of the Dencun upgrade.
The upgrade introduced a low fee system on its Layer-2 scaling solution. This is further complemented by the higher throughput of its triggering.
While L2s like Arbitrum, Optimism, and Base are direct beneficiaries of this upgrade, Ethereum’s demand will likely grow as usage of these platforms increases.
Ultimately, demand, along with other events like the potential approval of a spot Ethereum ETF, could extend the number of days leading up to a 30% decline.
Disclaimer: This content is for informational purposes only and should not be considered financial advice. The opinions expressed in this article may contain the personal opinions of the author and do not reflect the views of The Crypto Basic. Readers are encouraged to perform adequate research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.