Ether (ETH) is stuck in a seven-month downtrend, losing more than 36% of its value since March 2024, falling from $4,111 to $2,600. 📉

Analyst Ignas believes that Ethereum is losing ground in the war for innovation among first-layer (L1) blockchains, losing ground to competitors like Solana.

The fragmentation of the Ethereum ecosystem and the growth of L2 networks are attracting investment in other tokens, making Solana more attractive to investors.

Technical patterns point to a possible correction of ETH to $2,400.