Ethereum has long been seen as Bitcoin’s top competitor. However, since February, the crypto has experienced a steep decline, losing momentum and market dominance. Now, investors are wondering if ETH can rebound or is it facing its downfall in the cryptocurrency market? 2023 seems to have brought challenges for Ethereum. A recent Bloomberg report labeled this as Ethereum’s most difficult phase as it approaches its second decade. Developer activity is declining, early adopters are losing patience, and Ethereum’s performance has failed to meet investor expectations. 2024’s data shows a stark drop in developer activity, which contrasts with Solana’s surge, drawing more than twice the number of developers compared to last year.