$ETH

Competition: Other blockchains (Solana, Cardano, Avalanche, new L1s) are actively developing, offering higher speeds and lower fees on their L1. Ethereum must prove that its L1 model (security, decentralization) + L2 (scalability) is optimal in the long term.

Regulatory uncertainty:

Status of security: The US SEC has an ambiguous stance on ETH. Recognition as a security could deal a serious blow to the ecosystem in the US.