We are experiencing a nearly four-year correction for ETH. This is the sixth attempt to break out of the range, and it's the strongest yet. ETF trading volume has reached new highs, with calls for a "bull tail" and a "$10,000" price surge equally intense. Whales are clashing with bears, and chips are frantically changing hands—this is the moment of greatest disagreement and most crucial. However, the large-scale on-chain applications that should have driven all this have yet to emerge. Some remain mere narratives, and there's still a long way to go.