Have you ever wondered why Ethereum's performance in this cycle seems so dull?

The logic behind it is quite clear—this cycle is essentially squeezing the bubble in the altcoin market. As the underlying infrastructure for all decentralized applications and narratives, Ethereum's price trend is naturally closely tied to the altcoin ecosystem. When the altcoin market cools down, Ethereum follows suit.

Here's the interesting part: the peak of this cycle hasn't actually exceeded the previous one by much. In other words, Ethereum is currently in a sideways consolidation phase. After the bubble is squeezed out and the market returns to rationality, the next cycle could potentially usher in a real breakout—that will be the era of industry applications and development.