The crypto world moves fast — and sometimes, it feels like the ground is shifting beneath your feet. If you blinked during Lunar New Year, you might have missed one of the most dramatic market swings in recent memory. ETH dropped as much as 30% in a single day, while BTC continued its bullish climb. Over the past year, Bitcoin surged 118%, but Ethereum managed only an 8% gain. For many, whose faith in blockchain hinges on price action, this underperformance has sparked a cruel joke: ETH is now “already被淘汰” — already obsolete.
But is that really the full story?
Let’s look beyond the charts. Behind the noise of short-term volatility lies a deeper narrative — one of regulatory clarity, ecosystem evolution, and long-term resilience. And contrary to popular belief, Ethereum isn’t fading; it’s transforming.
👉 Discover how Ethereum is adapting to become stronger than ever.
The Trump Executive Order: A Game Changer for Crypto
On his first day in office, former U.S. President Donald Trump signed an executive order titled “Strengthening American Leadership in Digital Financial Technology.” While political opinions may vary, the implications for the crypto space — especially Ethereum — are profound.
The order outlines three pivotal directives:
- Protecting individual rights to mine and self-custody cryptocurrencies
- Supporting private stablecoins while halting development of a Central Bank Digital Currency (CBDC)
- Ensuring fair access to financial services for crypto businesses and individuals
These may sound like policy jargon, but their impact is real. Just two years ago, the SEC was aggressively pursuing enforcement actions against major exchanges like Kraken, even penalizing them $30 million for offering ETH staking services. At the time, there was widespread fear that ETH itself could be classified as a security — which would have jeopardized everything from trading to mining and holding.
Trump’s executive order effectively removes that cloud of uncertainty. It affirms that participating in decentralized networks is not just legal — it’s protected.
Moreover, by backing private stablecoins and abandoning CBDC development, the U.S. government has chosen trust in market-driven innovation over centralized control. Given that over 50% of all stablecoins are issued on Ethereum (according to DefiLlama), this policy shift makes Ethereum one of the biggest winners.
But perhaps most importantly, the directive requiring banks to stop discriminating against crypto businesses addresses a long-standing pain point. From Wall Street to Taipei, traditional financial institutions have been reluctant — even hostile — toward crypto-related transactions. This order forces change from the top down.
In short: Ethereum didn’t just survive the regulatory winter — it’s now positioned to thrive in the spring.
Internal Challenges: Can Ethereum Fix Itself?
Despite favorable external conditions, Ethereum faces internal tensions — what some call the “in-fighting effect.” During the Lunar New Year, the Ethereum Foundation underwent organizational reforms in response to growing community criticism across three key areas:
1. Token Sales and Financial Transparency
The Ethereum Foundation has no recurring revenue. To fund operations and development, it must occasionally sell ETH — a necessity that often sparks controversy.
Their most famous sale came in November 2021, when they offloaded 20,000 ETH near the all-time high of $4,800. Critics argue that such sales put downward pressure on price, especially during bear markets. When ETH is struggling, seeing the Foundation still selling tokens can feel like betrayal.
However, these sales are not speculative maneuvers — they’re budgetary necessities. The Foundation holds around $1.2 billion in assets, mostly in ETH, and uses disciplined treasury management to ensure long-term sustainability.
Still, transparency remains key. Moving forward, clearer communication about sale timing and fund allocation could help rebuild trust.
2. The L2 Dilemma: Innovation or Erosion?
Another heated debate centers on Layer 2 (L2) scaling solutions. While L2s like Arbitrum and Optimism drastically reduce transaction fees and increase throughput, critics warn they’re “siphoning value” from Ethereum’s base layer.
Why? Because users no longer need to pay gas in ETH on some L2s — Starknet, for example, uses its own STRK token for fees. This raises concerns: if applications live on L2s and don’t require ETH for usage, does Ethereum become irrelevant?
Not quite.
Think of Ethereum as the judicial system of a country — not where daily commerce happens, but where disputes are settled and rules are enforced. L2s operate like bustling cities built on top of a secure legal foundation. They rely on Ethereum for data availability and finality. Without it, they collapse.
Yes, fee revenue on mainnet has decreased. But security, decentralization, and composability remain unmatched — and those are worth more than short-term gas income.
3. Leadership and Vision
Aya Miyaguchi, former Executive Director of the Ethereum Foundation, faced scrutiny over her technical expertise and engagement with the ecosystem. Some questioned whether she truly understood “crypto culture” or had ever used Ethereum firsthand.
While leadership matters, Ethereum’s strength has never been about any single person — it’s about decentralization. The network thrives because of thousands of developers, validators, and contributors worldwide.
The recent restructuring signals responsiveness to community feedback — a sign of maturity, not weakness.
👉 See how decentralized networks are shaping the future of finance.
Core Keywords Driving Ethereum’s Future
To understand Ethereum’s trajectory, consider these core keywords that define its current phase:
- Ethereum scalability
- Layer 2 solutions
- Regulatory clarity
- Decentralized finance (DeFi)
- Stablecoin ecosystem
- Crypto self-custody
- Blockchain governance
- ETH staking
These aren’t buzzwords — they’re pillars supporting Ethereum’s evolution from a simple smart contract platform into the backbone of Web3.
FAQ: Addressing Common Doubts About ETH
Q: Is Ethereum still relevant with so many competing blockchains?
A: Absolutely. While newer chains offer speed and low cost, none match Ethereum’s security, developer adoption, or liquidity depth. Most DeFi and NFT innovation still originates here.
Q: If L2s don’t use ETH for gas, will Ethereum lose value?
A: Not necessarily. Value accrual isn’t solely tied to transaction fees. Ethereum secures L2s through data availability and fraud proofs — functions that will grow more valuable as rollups scale.
Q: Was the Trump executive order legally binding?
A: Yes — executive orders carry legal weight unless overturned by Congress or courts. This one sets a clear pro-innovation tone for federal agencies regulating crypto.
Q: Should I worry about the Ethereum Foundation selling ETH?
A: Only if sales are opaque or poorly timed. Currently, sales are part of responsible treasury management. As long as funds support ecosystem growth, moderate selling is sustainable.
Q: Can Ethereum survive without a charismatic leader?
A: Ironically, yes — that’s the point. Unlike some projects centered around individuals, Ethereum’s resilience comes from its decentralized nature.
Final Thoughts: Long-Term Vision Over Short-Term Noise
Predicting short-term price movements is gambling. But understanding long-term trends? That’s insight.
Ethereum is navigating a complex transition — regulatory validation from the top, internal debates from within, and competitive pressure from outside. But every challenge it faces today is a sign of its importance, not irrelevance.
It’s easy to mock an asset when its price lags. But true strength isn’t measured in weekly candlesticks — it’s measured in adoption, resilience, and vision.
ETH isn’t dead. It’s being rebuilt — stronger, fairer, and more scalable than before.
👉 Stay ahead of the curve with real-time insights on Ethereum’s evolution.