tl;dr
Coinbase released a research report stating that Ether (ETH) has the potential for upward surprises in the near future and is unlikely to be displaced as the center of decentralized finance. The report suggests that the market may be underestimating the timing and likelihood of a potential approval ...
Coinbase recently released a research report predicting potential upward surprises for Ether (ETH) in the coming months. The report also emphasized that Ethereum's stronghold in decentralized finance is unlikely to be displaced. Additionally, the market may be underestimating the potential approval of a U.S. spot ether exchange-traded fund (ETF).
The report highlights that despite Ether's underperformance compared to Bitcoin (BTC) this year, its long-term positioning remains robust, with significant potential for growth. Analyst David Han noted that Ether does not face major sources of supply side overhangs and that both staking and layer 2 growth are proving to be meaningful and growing sinks of ETH liquidity.
The Ethereum Virtual Machine (EVM) and its layer 2 innovations are seen as key factors in Ether's strong position within decentralized finance. Furthermore, the report underscores the importance of potential spot U.S. ether exchange-traded funds (ETFs), suggesting that the market may be underestimating the timing and odds of their approval.
According to Coinbase, even if the initial ETF deadline encounters a rejection, litigation could potentially reverse that decision. The report concludes that the structural demand drivers for ETH, alongside technological innovations within its ecosystem, will enable it to continue straddling across multiple narratives.
The report's insights shed light on Ethereum's potential in the broader crypto landscape, offering valuable perspectives for investors and enthusiasts alike.
More about Emeren Group Ltd
Emeren Group Ltd, ReneSola Ltd, develops, builds, operates and sells solar energy projects. The company is headquartered in Stamford, Connecticut.
Industry: MANUFACTURING, SEMICONDUCTORS & RELATED DEVICES
Market Cap: 114.563B
Dividend Yield: None
EPS: -0.16
PE Ratio: 1.852
52-Week High: -0.0891
52-Week Low: 104.671B
50-Day Moving Average: 5.5
200-Day Moving Average: 3.42
Price to Sales Ratio: 1.128
More about Coinbase Global Inc
Company: Coinbase Global Inc
Description: Coinbase Global, Inc. provides financial infrastructure and technology for the crypto economy. The company is headquartered in Wilmington, Delaware.
Sector: Finance
Industry: Finance Services
Market Cap: 48.909 billion
P/E Ratio: 38.9
Dividend Yield: None
EPS: 5.12
ROE: 15.83%
Volatility: 0.357
Revenue: 3.777835 billion
Price: 258.75
Change: 3.27
Change %: 1.156