Ethereum’s been having a rough month, and if you’ve checked your portfolio lately you probably felt it too. So, what’s dragging ETH down right now? Lets break it down quick:

1. Lower Fees = Less Hype

Gas fees on the Ethereum network are the lowest they’ve been since 2020. Great for users, bad for ETH burn rate and price. Why? Because less activity means les ETH getting burned, which could make it inflationary.

2. DeFi Isn’t What It used to Be

People are pulling their money out of DeFi projects on Ethereum. Total Value Locked (TVL) is down 43% since December! That’s a big red flag for the networks engagement.

3.  Big Money Is out

Institutional investors are backing off. ETH ETFs have seen record withdrawals,  and Wall Street seems a bit cold on Ethereum lately.

4. Solana and Others Are Stealing the Show

Solanas faster, cheaper, and catching major attention. ETH’s been underperforming not just against Bitcoin, but also against Solana and it shows.

5. Charts Looking Kinda Ugly

ETH broke some key support levels, and if it drops below $1,688..... well let’s not even talk about it.

6.  Shake Up at Ethereum HQ

The Ethereum Foundation is switching up leadership. New faces, new roles hopefully new ideas too.

Ethereum’s still a beast in the crypto world, but it’s clearly in a rough patch. Will it bounce back? or is it time for another chain to shine?

What do you think? Drop your take in the comments bullish or bearish on ETH this year??