Ethereum (ETH), even after 9 years, returns are 'stagnant'... Long-term holders lament "lost decade"

▲ Ethereum (ETH)

Ethereum (ETH) is facing severe criticism for being stuck at its price level from nine years ago, rekindling the 'lost decade' debate among long-term holders.

According to Bitcoin.com, a cryptocurrency media outlet, on June 19 (local time), anonymous trader Pentoshi described Ethereum as a “cursed asset.” He pointed out that Ethereum remains at a similar price to nine years ago. He also claimed that, accounting for inflation, it is about 14% lower than its 2017 peak.

According to the article, Ethereum traded just below $1,700. This is approximately 65% lower compared to its all-time high of $4,946 recorded in August 2025. It has also fallen by about 44% this year. The fact that its decline was greater than that of Bitcoin (BTC) during the same period further fueled bearish sentiment.

Pentoshi's argument directly targeted Ethereum's long-term price trend. Ethereum approached $1,400 at the peak of the bull market in early 2018. Even now, more than eight years later, it has not significantly moved beyond that range in nominal terms. The logic is that long-term investment performance has worsened further when considering the decline in the purchasing power of the dollar.

Critics believe that years of upgrades have not translated into increased value for holders. Bitcoin.com reported that Ethereum has recently struggled to maintain the $2,000 mark. The Ethereum Foundation is also reportedly under pressure due to staff departures and issues surrounding core development funding.

However, bullish sentiment has not completely disappeared. Standard Chartered has maintained its long-term target price of $40,000. The bank views Ethereum's weakness not as a permanent loss of competitiveness but as a result of funds shifting to competing chains. Supporters emphasize that decentralized finance activities, stablecoin payments, and tokenized products still operate on Ethereum.

Bitcoin.com assessed that while Ethereum appears to be a rapidly falling asset when compared to its 2025 peak, it is still a high-yield asset representing its era when compared to its launch price of approximately $0.31 in 2015. Ultimately, Pentoshi's criticism is an aggressive framework based on the 2017 and 2018 peaks. The next assessment of the Ethereum market depends on whether price recovery and increased real-world network usage move in the same direction.

*Disclaimer: This article is for investment reference only and we are not responsible for any investment losses based on it. This content should be interpreted for informational purposes only.*