Why can't ETH rise?
ETH shone brightly in the last two bull markets, with increases exceeding dozens of times, while this bull market has only seen a 3-fold increase, far behind BTC. Apart from the rise of SOL, the fundamental reason is that L2 has destroyed ETH's market value.
Compared to the peak of the last bull market, ETH has seen significant declines in key metrics such as TVL, active addresses, and protocol revenue. Currently, TVL is 64 billion, about 60% of the peak in the last bull market; weekly protocol revenue is about 30 million, not even a fraction of the 500 million peak from the last bull market; the number of active addresses is about 500,000 daily, only recovering to 1/3.
However, ETH's market value has now recovered to 70% of the last peak, from this perspective, ETH may even be overvalued.
