When Ethereum switched from PoW to PoS, it lost its value anchor. That’s exactly why it couldn't even break $5,000 this cycle. What is a value anchor? Simply put, it's cost. Bitcoin has a cost of production, and that cost is constantly rising. That’s why Bitcoin keeps making higher highs and higher lows. But since $ETH went PoS, it has basically turned into a tool for high-leverage gamblers. You can't expect gamblers to create value—if they do, it's only for the exchanges. By the way, by abandoning PoW, Ethereum also missed out on the AI narrative. I believe that in the next cycle, in 2028, ETH still won't exceed $5,000. Unless it reverts to POW @VitalikButerin