Is Ethereum beyond saving? All protocol revenue falls out of the top 20; Analyst warns: Market considers ETH only as a 'GasToken' rather than an asset

Recent indicators show that the Ethereum ecosystem is still struggling. According to Defillama data, Ethereum briefly fell out of the top 20 in Cryptocurrency ecosystem protocol 24-hour revenue today; analysts suggest that Ethereum is being reevaluated as a 'gas fee Token,' with BTC dominance expected to rise. In this lackluster performance in the current Bull Market, Ethereum has faced internal and external challenges due to controversies within the Ethereum Foundation management. Additionally, the delayed Pectra Mainnet upgrade on Testnet has further undermined community confidence. The subdued sentiment in the community is reflected in Ethereum's price, which has fallen for three consecutive weeks, reaching a new low since November 2023. As of the deadline, it is trading at $1872, with a slight increase of 0.34% in the past 24 hours. Ethereum's 24-hour revenue fell out of the top 20, despite Santiment's report of the market sentiment hitting a one-year low. However, for patient holders of Ethercoin, the negative sentiment on social media could signal a potential turnaround once the Cryptocurrency market stabilizes. On the other hand, Ethereum's spot ETF continues to experience outflows, indicating weakening demand from Wall Street investors. Cryptocurrency analyst Checkmate noted that 78% of ETH/BTC trading days have been in the red. Ethereum is reevaluating its position as a 'gas fee Token,' emphasizing the core demand for gas. The decreasing social media sentiment could be a good sign for a potential short-term rebound in ETH. However, various indicators suggest that the Ethereum ecosystem is still struggling. Ethereum has fallen out of the top 20 in Cryptocurrency ecosystem protocol 24-hour revenue, dropping to 21st place before climbing back to 18th place, generating $682k in transaction fees in the past 24 hours, compared to only about $180k in actual revenue. Despite its historical profitability, Ethereum is no longer the top earner in the Cryptocurrency space. Furthermore, the ETH/BTC ratio hitting a new low since mid-2020 has led to suggestions to dump ETH and invest in higher beta AltCoins. The AltCoin season may be on the horizon as indicated by the 'bottoming out' of the ETH/BTC ratio. However, other indicators suggest that the AltCoin season may not arrive soon, with BTC likely to continue dominating the market in the short term. TradingView data shows BTC's market dominance at 62.15%, compared to around 42% when Ethereum hit its all-time high in November 2021.