#以太坊行情技术解读 "Why Did Ethereum Fall Behind? Is the Bull Market Really Coming to an End?"

Recently, the community has been asking: Bitcoin soars while Ethereum seems relatively quiet? Is this the end of the rally?

I understand the concern, but we should look at the data calmly and not just follow the emotional hype.

Actually, Ethereum's "slow half-beat" is not unfamiliar. Looking back at historical cycles makes it clear — every time, Bitcoin leads the rally, with Ethereum playing a supporting role. Why? The reasoning is straightforward: Bitcoin is a macro asset benchmark, prioritized by institutional funds; Ethereum, on the other hand, carries narratives of technological upgrades and ecosystem growth that take time for the market to digest. Therefore, the differences in price gains between the two are a market structure characteristic and do not indicate the top of the bull market.

Let's look at some actual indicators: Ethereum’s on-chain staking volume continues to hit new highs, Layer 2 technology maturity has significantly reduced network Gas fees, and institutional investor interest in ETH remains high — all signs of an active ecosystem, which doesn’t look like a bear market at all. What does a real bear market look like? No on-chain interactions, large fund withdrawals, developers fleeing — none of these are happening now.

So why does the market feel so cold about ETH?

Basically, the focus is misplaced. Bitcoin carries the narrative halo of "US stock ETF + macro hedging," while Ethereum's "protocol upgrades + L2 ecosystem" story spreads slowly, naturally diverting market attention.

Is this rally really over?

No. We might not have even reached the midpoint.

Historically, Ethereum’s true rally usually occurs in the late stage of a bull market. Once it starts, the speed is so fast that "if you miss it, you can’t get on the train again." As long as there are no black swan macro events and funding remains stable, Ethereum will eventually take over Bitcoin’s baton.

The most straightforward judgment:
Currently, it’s not the end of the bull market; Ethereum is brewing for a big move. If the bull market were truly over, Ethereum would crash sharply, not just be "a beat behind." In every major rally in history, it’s always like this — appearing quiet, then suddenly exploding.