Ethereum sentiment is at a crossroads, with former supporters reevaluating how they use the network. $ETH It also trades at around $2,100 and has had virtually no net income for the past five years.
According to Bankless founder David Hoffman, Ethereum is undergoing a “change of atmosphere.” Hoffman recently sold all of his personal belongings. $ETH and paid attention to changes in social media.
While Hoffman has previously shown himself to be an Ethereum maximalist, he has recently started evaluating other crypto stories, especially in the wake of a series of crypto stories. april hack. transition to $ETH The skepticism was seen as a strong sign that Ethereum might eventually have other competitors while facing changes in the way cryptocurrencies are used.
Bankless currently has less than 1 $ETH in one of them public wallet. Cryptocurrency investor Ryan Adams mentioned Although he will step back from direct control over Bankless, he remains bullish on cryptocurrencies and Ethereum.
According to Messerli, $ETH mind share Although it was below the May standard, it slightly recovered to 4.2%. Currently, Ethereum maintains its traditional position as a DeFi and stablecoin payment network, but sentiment remains relatively low.
Will Ethereum experience another crypto winter?
As of May 2026, $ETH feelings remained neutralbased on the fear and greed index. $ETH Open interest was $12.3 million, near the lowest level in a year. For now, $ETH Derivatives trading is more active compared to the crypto winter of 2022-2023.
$ETH It is already down more than 55% from its August 2025 peak after failing to rise to the higher end. Continued weakness in the spot market and signs of selling pressure are weighing on the market. $ETH and hindered price recovery.
According to Bitmine founder Tom Lee, currently $ETH Sentiment may reflect a general sense of hopelessness due to reduced liquidity. Lee still believes that Ethereum can become the payments layer for global finance and serve as a platform for AI agents.
I agree with @RyanSAdams. A deep bench of leaders and developers $ETH The future payment layer of finance and AI will remain
– For me, much of the bearish sentiment reflects the disdain and despair seen in crypto’s winter lows… https://t.co/RHgwgutIo2
— Thomas (Tom) Lee (not the drummer) FundstratDirect.com (@fundstrat) May 21, 2026
Research by Santiment shows that traders and others $ETH Supporter sentiment has worsened recently. recent come out Ethereum Foundation researchers also question the network’s goals. Santiment also pays attention to Ethereum comment After maintaining a more bullish stance in April, it turned even more negative in May.
Additionally, the Ethereum Foundation significantly promoted the L2 chain, resulting in a temporary bull market and increased liquidity for some networks. Now, the Foundation is once again taking up the challenge of expanding L1 while competing with networks that are already much faster and cheaper.
$ETH turns into an inflationary asset
the current $ETH The activities take place with very low gas prices. As a result, further $ETH Produced weekly. The Ethereum network no longer functions as sound money and has achieved an annual inflation rate of 0.82%.
Inflation can be partially offset by staking. However, even with staking nodes, you may need to sell or lend out some of your nodes. $ETH To lock in profits. Currently, ecosystems such as BNB Chain, Solana, and HyperLiquid are showing greater speculative enthusiasm, but Ethereum lacks a clear narrative or new trends to attract traders.
