The recent market trend of Ethereum has already pointed clearly in one direction: a decline is only a matter of time.

Careful observation of the market from the past two days shows extremely shrinking trading volume, and this state of lacking substantial capital support, even if the main players forcibly push up, is just self-entertainment.
A "hard push" without genuine buying support is ultimately just a castle in the air, unable to hide the market's lack of profitability and declining momentum.
In the investment market, not making money means not making money; any attempt to mask a downtrend is futile.
If the macro and crypto market bear tones are already established, the most rational strategy is to follow the trend and decisively go short.
A bear market does not have a bottom; every volume-contracted rebound is often just a trap to lure more buyers.
Smart capital won't stubbornly fight in areas without profit margins.
Currently, Ethereum is precisely caught in this deadlock of stock game.
Analyzing Ethereum’s current moat, it becomes clear that it has become very fragile.
Its only remaining advantage is "staking"—passively locking large amounts of funds in nodes through a staking mechanism.
But this kind of locking is essentially "defensive"; it maintains a false support for the price but cannot inject real incremental funds and liquidity into the ecosystem.
Without explosive application growth, relying solely on staking is like turning off the water tap; the water in the pool will eventually turn foul.
In contrast, other emerging public chains are rapidly capturing market share.
Whether it's lower transaction costs, higher throughput, or incentives for developers and users, they are accelerating capital outflows.
When killer applications of other public chains truly emerge and form an active closed-loop ecosystem, Ethereum’s high costs and slow experience will become fatal flaws.
The wheels of history never favor those who are complacent.
If Ethereum continues to indulge in the internal competition of financial staking without breakthroughs at the application layer, when the era of prosperity for other public chains truly arrives, Ethereum will be completely marginalized by the market and become part of history’s dust—this is no exaggeration.