In the last bull market, almost all the main upward trends were driven by new narratives from Ethereum, from the start of ICOs to the explosive growth of DeFi, and later to chain games. The massive amount of Ethereum being passively staked essentially propelled its price to soar in the short term. Almost all institutions used the use of this public chain as the first standard to determine whether their projects had strength. This year, on the contrary, there has been a serious market divergence between the Ethereum technical team, which is still entangled in improving Ethereum's efficiency, and the capital and retail investors pursuing profits, leading to a decline in Ethereum's performance.

Especially for the Ethereum Foundation, which always seems to sell coins just before key moments of market downturn, it is truly frustrating. Will Ethereum come back in the bull market? Currently, it seems that this round of the bull market will definitely still have a place for it, but if this continues, the next bull market may not necessarily see its shadow. The market is progressing, and technology can be referenced; everything in the crypto market, except for the stable Bitcoin, can be replaced.

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