2025 may be the most challenging year for ETH.
Prices have halved, hovering around 1800; the ecosystem faces multiple pressures: declining user activity, internal consensus wavering, and fierce competition from new public chains like Solana and Sui, which are aggressively siphoning users!
Ethereum, once the 'king of smart contracts,' now finds itself in doubt over its 'shaky throne.'
Negative Reality:
User participation has significantly declined, with on-chain activity weak for several months.
Ecosystem expansion is slowing, with DeFi and NFT growth nearing stagnation.
Internal governance disagreements, ongoing rumors of leadership turmoil, and developers have differing opinions on upgrade directions.
New public chains are competing for users, developers, and discourse power; the ETH halo is no longer a protective charm.
However, just when everyone is singing the blues, opportunities may be quietly brewing:
Potential Positive:
The Brazilian government has included ETH in discussions about digital infrastructure, providing implicit policy support.
A financial institution deeply tied to the political sphere is positioning itself in ETH, which is an extremely critical signal.
On-chain transaction volume has surged after a recent pullback, with noticeable turnover of low-position chips, possibly indicating a new round of accumulation after deep washing.
Ethereum is no longer the 'unstoppable king.'
But it is far from being 'doomed to decline.'
The decline of a dynasty is a process, and the restoration of royal power relies on reform.
Whether ETH is worth buying should not only consider the current price but also whether it has the ability to complete the next technological turnaround:
Can the modular route bring about a performance revolution?
Can the leadership reshape a clear direction?
Are developers and users willing to stay?
If the answer is yes, then 1800 dollars is the golden low.
The market never rewards emotional people.
The real winners are those who understand the landscape when others hesitate and dare to position themselves for the future.
In the next bull market, if ETH completes its self-upgrade, today's low might be ridiculed in the future as the 'floor price.'
