$ETH

According to Etherscan's Gas Tracker, the main trading activities on Ethereum are primarily DeFi operations like USDT, Uniswap, and Aave lending, but the overall Gas usage has significantly declined, indicating a weakening demand for on-chain transactions.

Overall observation shows that Ethereum is currently facing multiple pressures, including a decline in price, a decrease in market capitalization share, a broken technical structure, and sluggish on-chain activity. Although ETH is still seen as the leader in the smart contract domain in the long term, if market confidence cannot be regained, its dream of 'flipping Bitcoin' may become increasingly distant.

The market capitalization ratio of ETH relative to BTC (ETH/BTC ratio) has gradually weakened since its peak in 2017, and recently it has clearly broken below a long-term upward support line, symbolizing that the expectation of 'Flippening' (Ethereum surpassing Bitcoin's market cap) over the past several years is entering a winter.