Ansem Says Ethereum Is in a Worse Position Than in 2023 Due to a Weakening Thesis

Crypto analyst Ansem believes that Ethereum
ETHUSD
is in a “worse position” in 2026 than in 2023, referring to a thesis he says has been weakening for years.

That bearish-leaning view was rebutted by several community members. Meanwhile, on-chain activity and technical indicators on the Ethereum network instead show bullish signals.

Ansem Uncovers Cracks in the ETH Thesis

Ansem believes that Solana
SOLUSD
has dominated retail activity in this cycle. On the other hand, Hyperliquid has been leading Futures perpetual trading, while rollups failed to draw market attention.

He also says that Vitalik Buterin “has openly left behind” the rollup thesis for general use. Regarding the Aave (AAVE) situation involving the exploitation of rsETH KelpDAO, Ansem explains that this has become a stain on Ethereum’s core value of “security + protection of decentralized finance & institutional interest.”

“The ETH thesis has been consistently weakening for years,” the analyst wrote. “ETH in 2026 is in a worse position than in 2023, compounded by rapidly and extremely fast-advancing AI & tech stocks becoming far more attractive investments with real income / newly emerging narratives / steadily increasing momentum, ETH becoming a US$300 billion asset with a heavy burden from Tom Lee’s top-blasting + ETH holders being too relaxed and just staying idle in decentralized finance protocols.”

Meanwhile, the analyst explains that ETH is still in a (downtrend) after failing to break through multi-year resistance. He estimates that this second-largest crypto asset could drop to the 2025 low in the range of US$1,300 and approach the lower levels of the 2022 bear market.

“The strict invalidation boundary is 2377 if things get worse, but if you want more flexibility and other risky assets remain rising and lifting ETH upward, then invalidation might be around 2700/2800. If we’re talking fundamentals, I want to see breakout activity from new sectors,” the post says.

Community Members Reject Ansem’s Arguments

Ansem’s view immediately triggered pushback from other figures. Ryan Berckmans accused Ansem of not understanding fundamentals. Meanwhile, Leo Lanza even flatly dismissed Ansem’s bearish analysis on X.

Other users pointed to a 56% drop in the SOL/ETH pair in this cycle.

“Soleth is down 56% after having risen more than 12x *in this cycle*—just because one person decided to buy 5% of the eth supply after ETH underperformed throughout the cycle. I don’t know why you’re acting as if I haven’t also posted bearish takes on Solana—I haven’t posted bullish about Solana for more than a year,” Ansem replied.

Not everyone agrees with the bearish outlook on Ethereum. BeInCrypto recently highlighted that network activity remains strong, and technical indicators such as the Rainbow Chart and MACD also show bullish signals.

With the macroeconomic and geopolitical situation still full of uncertainty, the question remains: will ETH fall further this year, or will it be able to stage a new rally?

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