Matrixport indicates that the decline in Ethereum Gas fees reflects the continued low activity in its ecosystem since the upgrade in March 2024. Coupled with persistently low trading volumes, achieving a significant increase in ETH prices in 2025 may face considerable resistance.

In 2024, Ethereum faces strong competition from alternative protocols like Solana and Sui, which have successfully attracted more users, leading to their tokens outperforming Ethereum throughout the year. Without significant positive news to stimulate it, Ethereum may continue to be at a disadvantage in 2025, while competing projects are expected to further expand their advantages.