Initially, it attracted widespread attention, with great responsibilities on its shoulders, but so far the outcome has disappointed and even despaired investors.
The poor performance in 2023-2024 is one thing, but there are still many staunch believers who have weathered it. However, during the Spring Festival of 2025, Ethereum fell again, dropping directly from $4100 to $2100 before stopping.
Even the strongest faith is about to collapse; many retail investors are completely disappointed, selling Ethereum and switching to holding SOL, XRP, SUI, etc.
Given Ethereum's performance over the past two years and the inaction of the foundation, many people say that Ethereum is dead.
Some even say that because of the meme tokens created by President Trump’s family, speculation has flourished in the industry, creating chaos and clearly becoming America's cash cow for harvesting retail investors, while altcoins have performed poorly, leading to the conclusion that the crypto space is also dead.
If you place your hopes for the crypto space on a businessman president, hoping that his mood will lead to market trends, bring development to the crypto space, and provide a meal for retail investors, the outcome will certainly be disappointing.
If you invest in the crypto space based on the value of SOL, a public chain that continuously generates a large amount of worthless application tokens, hoping to attract funds through meme bubbles and achieve wealth, what you will get is continuous speculation, chasing new trends, and searching for the next meme, only to go bankrupt in a very short time, as these projects usually do not last more than a few days or even hours, while the options available are in the hundreds of thousands.
Therefore, the first question to think clearly about is: What is driving the development of the crypto space? What has brought value? What has allowed the crypto space to enter the mainstream and gain today’s influence?
It is just a bubble; everyone fears the moment it bursts and they fall to the ground, and they will all run away. How could there be today’s participation from major institutions on Wall Street, even the national teams joining the race?
In this context, we owe a lot to the pioneering mechanisms established by Bitcoin, and we cannot overlook the continuous technological innovations from Ethereum, which have created smart contracts, DeFi, NFTs, infrastructure, and a series of groundbreaking contributions.
Because of these technological breakthroughs, people have genuinely learned how to use decentralized DApps, how to partake in decentralized infrastructure, and how to connect the traditional world of web2 with web3.
Therefore, the functionality and importance of Ethereum are beyond doubt; the crypto space has never been determined by a single celebrity, nor by a particular group of institutions.
Today’s development relies on the trend of global development, a large number of technical personnel in the industry who are genuinely doing substantial work and continuously researching, bringing value to society. This is the way: one gives birth to two, and then three gives birth to all things, resulting in institutions seeing potential and wanting to share in the benefits.
In the future crypto space, it will be the same; only by genuinely making technical breakthroughs in every track, pondering how to use technology to bring convenience and create value, can we grow healthily.
In the traditional tech world, while it feels like there have been many breakthroughs and progress compared to before, in reality, there have been no major breakthroughs for nearly a decade. The advancements in AI over the past two years could be considered as significant breakthroughs.
It can be seen that in any industry, there will be times of adjustment, when technology encounters bottlenecks, and difficulties need to be resolved, just like the market, which will rise and then fluctuate.
In Ethereum's developmental path, it will also go through such periods; let us give this little child, who bears heavy responsibilities, some time and tolerance.
Ethereum in 2025: Born out of death, seeking strength from within.
Everyone in the world is pursuing profit; when benefits come, people come, and when there are no profits, people scatter. Ethereum has already been criticized enough over the past two years; is there a fear of worse outcomes?
It is better to embrace the courage to be born out of death, to seek strength from within, as that is the most powerful. After all, what Ethereum needs to surpass has never been others, but itself.

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