E Guardian I'm fighting with you

> Is ETH really a valuable coin? Or just a bubble coin?

First of all, the conclusion is that in the crypto world, apart from Bitcoin having a value consensus, all other coins are regarded as knockoffs, and Ethereum is merely surviving under the past prosperity, which cannot hide its awkward situation at present.

In terms of price, when Bitcoin was at 30,000, Ethereum was 2,000; when Bitcoin was at 50,000, Ethereum was still at 2,000; and when Bitcoin reached 75,000, hey, Ethereum was only 1,400. Now Bitcoin is approaching an all-time high, while Ethereum is still at 2,000. If Bitcoin starts a daily-level downward trend, do you think Ethereum can hold up?

After so many upgrades, ETH is still a mess on-chain. The shift from the original model was likely a mistake, moving from Proof of Work (PoW) to Proof of Stake (PoS), which directly benefits large holders with staking rewards, while miners can only passively accept it. Additionally, it has led to a non-fixed total supply; if the burning rate is not fast enough, inflation on the chain will become increasingly severe. Looking back at these years in the crypto space, no good outcomes have come from staking; mining and selling remain the main theme. After the fundamental logic changed, Ethereum has been unable to rise again; blockchain does not need a single voice.

Why has ETH declined? The core reason lies within itself. Despite the emergence of L2 and even L3 from L1, activities on the chain are still stagnant, even overtaken by SOL, BASE, BSC, and others. Ultimately, the core issue is efficiency; the TPS of the ETH chain lags far behind other public chains, and congestion starts with just a bit of heat. Moreover, the GAS fees can be tens of USD; if you pay tens of USD every time you interact with a new token, can you tolerate it? Therefore, ETH's decline is inevitable, not to mention the successive departures of core developers.

Lastly, let's mention the ETF again. E Guardians thought that once ETH was included in the ETF, it would soar like Bitcoin, but after the ETF, what followed was Grayscale's selling pressure, which pushed the price down to 2,000, and it couldn't be bought up. Shuqin started calling for sells from over 3,000, all the way down to over 1,000, and even with 2x leverage, it got liquidated, yet still fantasizing about 5,000; dreaming of everything.

From now on, continue to be bearish on Ethereum, regardless of whether Ethereum can go above 3,000; it doesn't affect our bearish logic. The strength is only temporary, and the softness that follows is the norm.