Ethereum struggles below $2,400 as ecosystem activity drops and rivals gain ground

Ethereum has been unable to break above the $2,400 resistance for nearly three months, showing weak bullish momentum and underperforming the broader crypto market with a 21% yearly decline. Key ecosystem indicators reveal a 53% drop in decentralized exchange volume and a 49% fall in DApp revenue over six months, signaling reduced user engagement and transaction activity. Meanwhile, competitors like Solana and Hyperliquid are capturing about 42% of total DApp revenue, reflecting a shift in market dynamics. The future of Ethereum depends on whether it can revive ecosystem activity or continue losing ground to faster, more efficient blockchains.