Ethereum struggles despite Ethereum Foundation's leadership change
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Ethereum’s price remains under pressure even as Aya Miyaguchi transitions from Executive Director to President of the Ethereum Foundation (EF). The move, announced on February 25, comes at a critical time for Ethereum, which continues to lag behind Bitcoin despite bullish catalysts. While Miyaguchi’s appointment reinforces the network’s commitment to decentralization and long-term development, market sentiment remains subdued, with ETH still trading nearly 50% below its all-time high.
Miyaguchi highlighted Ethereum’s resilience in moments of market stress, emphasizing its decentralized nature and the EF’s role in maintaining its core values rather than controlling its direction. Ethereum co-founder Vitalik Buterin praised her leadership, noting her contributions to key developments such as Ethereum hard forks, client interoperability, and Devcon. However, her tenure has not been without controversy. In January, internal tensions surfaced at the EF, with critics accusing Miyaguchi of inefficiencies. While Buterin defended her position, some core developers, including Eric Connor, publicly criticized the Foundation, fueling further skepticism.
These internal conflicts have been compounded by Ethereum’s weak market performance. Unlike Bitcoin, which reached record highs in 2025, ETH has failed to reclaim its previous peaks. The asset recently dropped to $2,337, its lowest level since early November, erasing all post-U.S. election gains. It currently trades below $2,500, down 25% year-to-date, despite positive developments such as the potential approval of a staked Ether ETF, purchases by the Trump family’s DeFi platform, and anticipation surrounding the upcoming Pectra upgrade.
Ethereum’s inability to capitalize on these bullish catalysts underscores deeper concerns among investors. Market participants are questioning whether ETH can regain momentum in a Bitcoin-dominated cycle. If sentiment does not improve, Ethereum risks further downside, with key support levels around $2,300 now in focus. Investors will be watching closely to see if upcoming developments can shift the narrative or if Ethereum continues to struggle against both internal and external headwinds.
Miyaguchi highlighted Ethereum’s resilience in moments of market stress, emphasizing its decentralized nature and the EF’s role in maintaining its core values rather than controlling its direction. Ethereum co-founder Vitalik Buterin praised her leadership, noting her contributions to key developments such as Ethereum hard forks, client interoperability, and Devcon. However, her tenure has not been without controversy. In January, internal tensions surfaced at the EF, with critics accusing Miyaguchi of inefficiencies. While Buterin defended her position, some core developers, including Eric Connor, publicly criticized the Foundation, fueling further skepticism.
These internal conflicts have been compounded by Ethereum’s weak market performance. Unlike Bitcoin, which reached record highs in 2025, ETH has failed to reclaim its previous peaks. The asset recently dropped to $2,337, its lowest level since early November, erasing all post-U.S. election gains. It currently trades below $2,500, down 25% year-to-date, despite positive developments such as the potential approval of a staked Ether ETF, purchases by the Trump family’s DeFi platform, and anticipation surrounding the upcoming Pectra upgrade.
Ethereum’s inability to capitalize on these bullish catalysts underscores deeper concerns among investors. Market participants are questioning whether ETH can regain momentum in a Bitcoin-dominated cycle. If sentiment does not improve, Ethereum risks further downside, with key support levels around $2,300 now in focus. Investors will be watching closely to see if upcoming developments can shift the narrative or if Ethereum continues to struggle against both internal and external headwinds.