Tell you why ETH has not risen?

Do you know what a real slump is? Take a good look.

Some people wonder why Ethereum is so weak. The root cause is that it has obviously lost the favor of capital. Since mid-March, the price of ETH has fallen from nearly $4,000, almost cut in half, to a low of about $2,000. If it were not for the short-term boost of the good news of the first 50 basis point interest rate cut on September 18, its price would probably slide further to $1,600. In this long six months, whenever the market as a whole has pulled back, ETH has always led the decline, and its decline is no less than that of other small cryptocurrencies. This phenomenon reflects that ETH's market elasticity is no longer as good as before.

In contrast, SOL's performance is completely different. Since the FTX incident caused market turmoil the year before last, SOL's price has fallen to single digits, and it has soared all the way to $200. Although SOL's price has also experienced a nearly halved correction in the past six months, its market elasticity is still strong, and the rebound after the correction during the same period is also much smaller than ETH. By comparing the two, it can be clearly seen that in this round of market cycle, capital prefers SOL.

Looking back, when Bitcoin broke through $100,000 in the last bull market and ETH was expected to break through $8,000 to $12,000, we were obviously too optimistic about ETH's valuation. This year, we need to revise this expectation. Ethereum is no longer the Ethereum of the past. The market is changing rapidly, and our vision for evaluating investment targets also needs to be updated accordingly.

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