Reasons why Ethereum is underperforming this round may include the following:

High Gas Fees: The cost of using the Ethereum network remains high, especially during active market periods, leading many users to switch to cheaper chains due to the exorbitant transaction fees.

Reduced Institutional Interest: Although Ethereum ETFs have been approved, market enthusiasm is low, and institutional investors are more focused on hard currencies like Bitcoin.

Insufficient Ecological Innovation: While Ethereum is stable, its ecological expansion rate appears slower compared to the rapid innovation of other emerging chains.