Regarding the Ethereum bear market bottom

Characteristics of Ethereum in this cycle:
The sustainability of the upward trend is relatively weak, with intense volatility. Compared to the previous two cycles, this cycle has been very struggling;
The top of this cycle is basically the same as the top of the previous cycle, without a significant breakthrough.

Therefore, the overall performance of Ethereum in this cycle is sideways consolidation.

Although Ethereum underwent a major technical upgrade last year and will have another significant upgrade this year; short-term technical upgrades have limited impact on the Ethereum ecosystem, and instead, they have led to a surge in dust attacks due to reduced transaction costs.
In addition, while the market has high expectations for the progress of the Ethereum RWA ecosystem, it is still in the early stages of development; in the short term, its contribution to the value enhancement of the Ethereum mainnet is limited.

Meanwhile, chainfees, which reflect Ethereum mainnet’s value capture ability, have not shown significant growth.

Therefore, although these long-term positive factors could drive Ethereum higher in the next bull market, they are unlikely to prevent the current downward trend in the bear market phase.

Based on this logic, I believe that Ethereum may test the bottom of this cycle near the bottom of the previous cycle. #黄金白银再创新高