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SOL Key Points
Ethereum is currently priced at approximately US$1,870, and the U.S. spot Ethereum ETF has been launched, providing an investment channel for institutional and retail investors. Recent network upgrades have doubled capacity while reducing main-network transaction costs to below $0.02. However, competing platforms such as Solana pose strong challenges with faster speeds and lower costs. In addition, expansion solutions on Layer-2 networks may not directly drive ETH prices.
Network Evolution and Technology Progress
In the cryptocurrency field, Ethereum maintains its position as the second largest digital asset after Bitcoin. Bitcoin is mainly used as a store of value and digital gold, while Ethereum serves as the foundation layer that supports decentralized applications, DeFi protocols, stablecoin infrastructure, and tokenized real-world assets. This broad functionality makes ETH an attractive asset to hold for the long term, but it does not automatically ensure upward price momentum. The current market price of ETH is approximately US$1,870.
Research released in 2026 shows that Ethereum's latest protocol upgrade has successfully doubled its network transaction processing capabilities in both the base layer and Layer-2 infrastructure. The median cost of main-network transactions has dropped sharply from more than $2 to less than $0.02, while Layer-2 transaction fees have dropped by more than 95%. These improvements are due to the implementation of a dedicated data structure called "blobs" that significantly reduces the operating costs of Ethereum-compatible Rollup solutions such as Arbitrum, Base and Optimism.
In July 2024, the spot Ethereum ETF began trading in the U.S. market, marking that Ethereum, like Bitcoin, has become a tool for investment through traditional brokerage platforms and tax-preferential retirement accounts. In addition, Ethereum uses a proof-of-stake consensus mechanism that allows token holders to earn passive income through online verification. This feature gives ETH revenue generation capabilities that Bitcoin does not have.
Competitive pressure and economic model questioning
The biggest resistance facing Ethereum comes from the increasingly fierce blockchain competition. Solana provides excellent transaction speeds and extremely low fees in a unified ecosystem, eliminating the complexity of bridging across multiple Layer-2 solutions. Data from 21Shares shows that during the 12-month period from October 2024 to September 2025, Solana's cumulative total revenue was approximately US$2.85 billion.
A fundamental problem lies in the accumulation of economic value. Although the Layer-2 platform reduces fees and improves the user experience, it also reduces the revenue flowing to the Ethereum base layer. This creates a situation where Ethereum may support a lot of economic activity, but ETH prices cannot rise accordingly. Industry analysts have also identified worrying integration trends among Ethereum block producers, which has sparked discussions about potential centralized vulnerabilities in key network components. Historical price movements indicate that ETH exhibits significant volatility and often lags behind Bitcoin in various market stages.
