Is it possible: ✨ When ETH drops, it can be as weak as it is, and when it rises, it can be as strong as it is? ✨ Is ETH replicating BTC's history and creating an independent market? ↘️ When it drops, we always think ETH should bounce back, but it just doesn't. ↗️ When it rises, we always think ETH should correct, but is it possible that it just doesn't? Everyone is blaming ETH for transitioning to POS because it has disrupted the cake of mining, mining pools, and miners from POW to POS. But the key underlying issue is—ETH is the cake!!! Can the cake not be appealing? 😂😂😂 💠 Oversold Bounce Some say ETH is oversold and bouncing back. February 1st should be a landmark date because Trump signed an executive order on that day, imposing tariffs on Canada, Mexico, and China. UNI and ENS, which are highly correlated with ETH, reached their highest levels back to early February, just when Trump imposed tariffs. In fact, most altcoins have been oversold and have bounced back. However, ETH has already returned to the level of December 2024, so we can't say ETH is oversold and bouncing back anymore, right? 💠 Faith Return Currently, ETH may belong to the stage of faith return. The voices that used to criticize Ethereum for transitioning to POS, Layer 2 diverting Layer 1, Vitalik's romantic life, and the Ethereum Foundation's inaction seem to have disappeared. 😂 Even the lack of new participatory applications for Ethereum is no longer mentioned. 💠 Ecosystem Restart In fact, the issue of Ethereum lacking new participatory applications still exists, and perhaps this is the real problem. Currently, the main source of ETH's rise may be the inflow of ETF funds. A simple rise in ETH, without the support of an ecosystem and narrative, is likely to be limited in height. Ethereum needs new participatory products and narratives. It's important to know that ETH is different from BTC; ETH has no upper limit on its quantity, and it is not an asset with the scarcity and store of value attributes like BTC. Moreover, even BTC experienced a wave of new participatory narratives—inscriptions—before its rise in 2024, back in 2023. 💠 In Conclusion Overall, altcoins are showing an oversold bounce, and the market cap of altcoins excluding BTC, ETH, and stablecoins has just returned to the level of January 31. However, ETH has already returned to the level of December 2024, in the stage of faith return. But there is still a need for large-scale participatory narratives to restart the Ethereum ecosystem. Only with new application ecosystems can the altcoin market be revitalized. Otherwise, it may just replicate BTC's independent market...