It’s been a brutal start to 2025 for Ethereum and now one of Bitcoin’s most vocal evangelists has decided to pile on. Pseudonymous analyst PlanB, best known for pioneering the stock-to-flow model, reignited his long-running feud with Ethereum this week, calling it a “centralized & premined shitcoin” in a biting series of posts on X – aiming underperforming ETH USD price.
The timing of the attack isn’t accidental. Ethereum has underperformed nearly every major Layer 1 this year, shedding over 48% year-to-date and sitting a staggering 16th place on the CoinDesk 20 performance index. Despite the fanfare around its long-awaited Pectra upgrade, investor sentiment remains lukewarm, and the fundamentals appear directionless.
PlanB’s critique focused on three key issues: the network’s historical rollback following the DAO hack, its shift to proof-of-stake, and the technical limitations of running a full node. The S2F creator emphasized that Ethereum’s growing reliance on centralized RPC providers like Infura undermines decentralization, while also highlighting that even a pruned node requires over a terabyte of storage, far beyond what most average users can handle.
Top Analyst Plan B Takes Aim at ETH USD Performance and Vitalik Buterin
Ethereum is really not looking good now
I know it's impolite to gloat and all that, but I think shitcoins like ETH, that are centralized & premined, have PoS instead of PoW, switch supply schedule at will, are harmful and deserve all the mockery they gethttps://t.co/4EAh8LvsvD pic.twitter.com/nLTLqJz4wp
— PlanB (@100trillionUSD) April 20, 2025
“Ethereum is not digital gold. It’s not even decentralized,” PlanB wrote, starkly contrasting Bitcoin’s lean, auditable architecture.
The comments didn’t land in a vacuum. Market analysts have increasingly questioned Ethereum’s value proposition, especially as Layer 2 scaling and alt-L1 competition mature. While Ethereum still dominates in DeFi and NFT infrastructure, it has struggled to craft a clear growth narrative in this cycle.
Headlines around Vitalik stepping back from daily operations have only added to the uncertainty.
Critics argue that Ethereum’s shift to proof-of-stake and flexible monetary policy, once hailed as innovation, now blurs its role as a store of value. The supposed “ultrasound money” thesis has faded quietly into the background.
And while defenders of Ethereum point out that Bitcoin, too, once rolled back its chain (in 2010), PlanB’s core argument is simpler: Bitcoin didn’t change the rules mid-game. Ethereum did.
So, with the world’s second-largest blockchain stuck in a mid-cycle malaise and sentiment turning openly hostile among Bitcoin hardliners, the big question remains: what’s next for ETH USD?
ETH Price Analysis: Where Does ETH USD Price Go From Here?
As Plan B opens fire on ETH USD price, Ethereum is currently trading at a market price of $1,622 (representing a 24-hour change of +2.32%).
This comes as ETH USD remains trapped in an aggressive downside trading channel, which has contained ETH price on a downward trajectory since December.
However, it also suggests that price action could be primed for a bullish return, following a sustained consolidation above $1,500 since April 5.
(ETHUSDT)
The well-defended move has established a foothold, possibly muting downside price action in the short term. However, February 2025 price action remains an immediate and stark warning about breakdown risk.
Yet, hopeful bulls are plotting on a re-test of the upper trendline in coming weeks, with an alluring bull target emerging at $2,125 – a level which, if reclaimed, could form the basis for a breakout recovery.
Indeed, capacity remains to the channel’s upside according to the RSI momentum indicator, which sings true at 43 in a strong bullish signal.
This is further backed by the persistent strength of the MA200 for ETH USD, which also forms a high target at around $2,800.
Overall, in the short-term frame, the current ETH USD launchpad could be poised for a +30% gain to re-test upper trendline support.
However, if such a move is rejected, downside will dominate – so watch out.
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