Ethereum’s price has experienced a steep decline this year, shedding over 56% from its November peak. While other top cryptocurrencies like Bitcoin and Solana have seen growth, Ethereum stands out with a significant drop in value against both. This performance has sparked speculation about the future of Ethereum, prompting some experts to predict its demise in the coming years. Notably, Cardano’s (ADA) founder Charles Hoskinson recently predicted that Ethereum won’t exist in the next 15 years. However, a deeper look at key network data reveals a more nuanced picture. 2023 has seen the emergence of layer-2 networks like Base, Optimism, Arbitrum, and Polygon, which have attracted users and market share away from Ethereum. This shift is partly attributed to Ethereum’s slower speeds and higher transaction fees. Despite this, Ethereum remains a crucial player in the crypto landscape. It boasts active decentralized exchange protocols that processed over $57 billion in transactions within the last 30 days, second only to Solana’s $61.3 billion. Additionally, its total value locked (TVL) stands at a significant $107 billion, holding the largest market share. Furthermore, Ethereum’s stablecoin market cap of $124 billion contributes another 51% share to the market. The Non-Fungible Token (NFT) industry also leans heavily on Ethereum. The number of Ethereum holders continues to rise, with over 144.8 million users today, marking a significant jump from 130 million in October last year. Ethereum’s long-term performance is marked by the increasing Mean Dollar Invested Age (MDIA), indicating that more established investors are not selling their holdings. Technical analysis indicates that Ethereum has been bouncing back after hitting a low of $1,383 this month. The coin is now trading around $1,787, its highest level since April 6. A bullish flag pattern suggests potential for further gains above the $2,150 price level, a key point from August and September last year. Should Ethereum break through that resistance, it could surge to as high as $3,000. However, failure to do so may signal a weakening trend and increased downward pressure.