$ETH As Bitcoin pulls back, the second largest cryptocurrency Ethereum is also having a hard time.

In fact, since the Cancun upgrade, the price of Ethereum has been falling and is currently fluctuating around $3,316, a 19% drop from the highest point of $4,092 on the eve of the upgrade, lagging behind Bitcoin.

The reason is that the funds were first sucked away by the meme that has been hot recently. Although the transaction fees of the Layer2 network have been greatly reduced after the Cancun upgrade, some Layer2 projects have seen positive cashing, and some fee reductions have not been as expected, causing market funds to turn to the Solana ecosystem.

Another more important factor is that the much-anticipated Ethereum ETF's hope of being approved in May is becoming increasingly slim. #kaiju

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