❶ What is the future development of Ethereum?
This mainly depends on the explosive growth of market liquidity and applications.
❷ Is the market misjudged the valuation of Ethereum because killer applications have not yet appeared?
If killer applications have not yet appeared, then there is no misjudgment. Low liquidity and poor on-chain activity, while Ethereum's market value is still high, is actually a misjudgment of the market.
The price of Ethereum has not synchronously reflected the changes in liquidity and on-chain activity, which is the real misjudgment of the market.
