Matt Hougan, chief investment officer of Bitwise, recently wrote that, despite Ethereum's recent underperformance, with ETH/BTC falling to a three-year low and facing regulatory risks, increased competition from new chains like Solana, and issues with token economics, the foundation of Ethereum remains strong. Currently, Ethereum dominates in stablecoins, decentralized finance (DeFi), and prediction markets, with the most active developers and users, and a market capitalization five times that of its competitors. Despite the market's expectations for new chains like Solana, Ethereum's success stories and ecosystem cannot be ignored. With the November election approaching and potential regulatory clarity, the market may reassess Ethereum, and before the end of the year may be an opportunity for reverse investment.