Gold Finance reports that Bitwise CIO Matt Hougan recently wrote that despite Ethereum's recent poor performance, ETH/BTC falling to a three-year low, and facing regulatory risks, competition from new chains like Solana, and challenges with its tokenomics, Ethereum's fundamentals remain strong.

Currently, Ethereum dominates in stablecoins, decentralized finance (DeFi), and prediction markets, boasting the most active developers and users. Its market cap is five times that of its competitors. While the market has high hopes for new chains like Solana, Ethereum's proven success and ecosystem cannot be ignored.

As the November elections approach and potential regulatory clarity emerges, the market may re-evaluate Ethereum, presenting a potential opportunity for contrarian investment before the year's end.