The reasons for ETH's slump have been found:

1. Vitalik is focused on women, and the foundation is focused on selling coins.

2. So far, Grayscale has sold more than 1 million Ethereum.

3. A series of new and old Ethereum concepts such as ETHFI, LDO, ENA, BB have generated huge profits, but also represent a huge bubble. About half a month ago, a large staker, after the staking period ended, dumped tens of thousands of ETH, which is not an isolated case.

4. Losing the left arm and right arm (ICO and DEFI) in the last round, Ethereum was almost the largest bull market, though there was competition, it still stood out alone. In this round, SOL is just too strong, along with other public chains. With ETH losing the advantages of ICO and DEFI, and MEME unable to catch up with SOL, coupled with the lack of innovation, it is being squeezed for survival space, which is also a reflection of the times.