$ETH is facing renewed criticism after crypto analyst Ansem said the network is in a worse position in 2026 than it was in 2023, arguing that its long-term investment thesis has been weakening for years.

According to Ansem, $SOL has dominated retail activity this cycle, while Hyperliquid has gained strength in perpetual futures trading. He also claimed Ethereum rollups have failed to generate the traction many expected.

Another concern raised was recent DeFi risk, including the Aave and KelpDAO rsETH exploit situation, which he says damages Ethereum’s reputation for security and institutional-grade decentralized finance.

From a market perspective, Ansem argues that AI stocks and traditional tech companies now look more attractive than ETH, offering real revenues, stronger momentum, and fresh narratives.

Technically, he says Ethereum remains in a downtrend after failing to break multi-year resistance, with downside risk toward $1,300 and potentially lower if weakness continues.

However, many in the crypto community pushed back strongly. Critics say Ethereum fundamentals remain solid, network activity is healthy, and indicators such as the Rainbow Chart and MACD still point to bullish potential.

The debate now centers on whether Ethereum will continue underperforming — or surprise the market with a new rally later this year.

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