After 16 days of sell pressure due to macroeconomic uncertainty and a sharp decline in on-chain activity, the price of ETH has risen above $1,700. Despite the rebound, Ethereum's performance so far this year is still 23% lower than the overall altcoin market. Some traders claim that by providing a 'truly' decentralized and permissionless financial system, ETH will enter a bull market, but is that really the case?