ChainCatcher reports that Bitwise CIO Matt Hougan believes Ethereum, despite its current lackluster performance, could see a turnaround as the year winds down.

The report attributes Ethereum's recent underperformance to risks associated with the November US presidential election, increased competition from Solana and other blockchains, challenges to its tokenomics, and mixed reactions to the potential launch of a spot ETF in the US.

Hougan suggests that the market might reevaluate Ethereum as the November election approaches and regulatory clarity emerges. He views Ethereum as a potential contrarian investment opportunity by year's end.