Ethereum is trading at $2,350.

The same price it traded at in April 2021.
Five years. Zero returns.
Here's everything that happened in between.
April 2021: Berlin upgrade. Gas optimizations. The first step on the roadmap to ETH 2.0. Everyone said this was just the beginning.
August 2021: London upgrade. EIP-1559 introduced. ETH now burns fees with every transaction. "ETH is becoming deflationary." "Ultra sound money."
September 2022: The Merge. The most anticipated event in crypto history. Ethereum moved from Proof of Work to Proof of Stake. Energy usage dropped 99.95%. Years of engineering. Flawless execution.
April 2023: Shanghai/Capella upgrade. Staking withdrawals finally enabled. 18 million ETH staked on the network. Ethereum becomes a yield bearing asset.
March 2024: Dencun upgrade. Proto-danksharding goes live. EIP-4844 introduces blob transactions. L2 fees drop 90%+. Arbitrum, Optimism, Base, zkSync, Starknet, all running on top of Ethereum for pennies.
May 2024: SEC approves spot Ethereum ETFs. Wall Street gets direct exposure to ETH. BlackRock, Fidelity, Grayscale all offering Ethereum funds. Institutional access unlocked.
March 2025: Pectra upgrade. Account abstraction, validator consolidation, improved staking UX. The most feature packed hard fork in Ethereum history.
August 2025: ETH hits all time high near $4,950.
The technology improved. The price didn't care.
This is either the most obvious generational buy in crypto or the market is telling you something about value accrual that nobody wants to hear.