The market has some concerns about the prospects of Ethereum, mainly for the following reasons:

1. **Grayscale's ETH selling pressure**: Grayscale holds a large amount of ETH, and its potential selling pressure has always existed, which has put short-term pressure on the price of ETH. The market needs time to digest this part of the selling pressure.

2. **V God's high-profile publicity and ETH price decline**: Although Ethereum founder Vitalik Buterin (V God) frequently promotes Ethereum in public, the price of ETH continues to fall. This may be related to the continuous selling of ETH by the Ethereum Foundation, and the market is worried that more ETH may be sold in the future.

3. **The impact of staking projects**: Some staking projects are likened to "vampires", especially those proposals that lower the minimum threshold for validators, which are considered to be a means for large investors to harvest, and the final cost may be passed on to retail investors.

4. **Unsolved deflation problem**: Ethereum's deflation problem has not been effectively solved. At the same time, with the implementation of the L2 expansion plan, some liquidity has been sucked away, and ETH is still issued every year, and the inflation problem is serious. If the destruction mechanism of ETH cannot be controlled, miners' income may decline, and the development of the on-chain ecology will also be affected, which will have a negative impact on the price of ETH.

5. **Declining miners' income**: As Ethereum shifts from proof of work (PoW) to proof of stake (PoS), the role and income model of miners will change. This may lead to a decline in miners' income, thereby affecting their participation in the network and the circulation of ETH.

These factors work together to cause the market to be cautious about the short-term prospects of Ethereum. However, the long-term value and potential of Ethereum are still optimistic by many investors and analysts, especially in terms of its technological upgrades and application expansion.