Understanding Ethereum's Genes: DeFi Surges, Will Ethereum Relive the Dark Days of the Post-ICO Era

Author: Fang Qinyu. Ethereum has continuously set new highs this year, seemingly moving out of past collapse concerns. However, compared to its historical peak of $137.6 billion, Ethereum's current circulation value is about $43 billion, still down about 70%. However, after entering August, Ethereum entered "stagflation" from a technical perspective, with circulation value fluctuating between $43-50 billion, and forming a consolidation pattern after failing to break through $50 billion.