I can’t take it anymore—Ethereum diehards, the most absurd reality of the past five years: no matter how the world’s situation changes, ETH’s price feels like it’s been welded to $1,700.

· “Five-Year Return to Zero”: In 2021, ETH surged as high as $4,800. Now it’s back to $1,700. On the surface, it looks like you’re back to “square one,” but the $1,700 in 2021 was the start of a bull market, while the $1,700 in 2026 is a “pressure level” after two full cycles of bull and bear. These five years are like someone drew a huge doorway—you went in, strolled around, and then came right back out.
· “Good News Getting Desensitized”: Any ETF approval you mentioned, or the pro-crypto president taking office—back in any moment in 2021, any one of them could have pushed the price up 30%. Now they all turn into facts that “sell the news.” The market has developed “resistance” to every narrative, and $1,700 has become the “psychological ceasefire line” for both bulls and bears.
· “A War Safe Haven?”: Before and after the U.S.–Iran war, it was still $1,700—showing that when geopolitics truly erupts, capital’s first choice is gold and BTC. ETH is neither a safe haven nor a major disaster zone; instead, it’s treated like a “tech blue-chip stock” and just trades sideways, with zero war premium.
· “Mining Farms Have Nothing to Do with Policy”: Before and after BitMine’s purchase, there was no price fluctuation—indicating that ETH has already fully decoupled from POW mining. The impact of mining farms buying machines on price is negligible; the market only cares about the staking rate and gas fees.

What “Jiǔmèi” wants to conclude: This is ETH’s “gravity.” Whether it’s Musk issuing calls, the Fed cutting rates, or a third world war breaking out, big capital is using this price as a “benchmark anchor”—below it, people buy; above it, people sell. Until a real ecosystem revolution occurs (for example, large-scale application deployment), this “curse” could continue until 2027.