I've seen ETH sentiment this bad three times.

2016 - after the DAO hack they said smart contracts will never work but tokens were about to be a killer app

2019 - two years of bleeding they said ETH was a worthless gas token but DeFi was building

And now...

2024 - a half cycle of underperformance they're saying ETH is old tech and L2s are parasitic but Ethereum is on the cusp of becoming a federated union of chains

It's once again unpopular to believe ETH is money.

Lovely opportunity.

Contrarian bullish is how you earn the gains.

The more that gets achieved without the price rising alongside it, the harder it gets to convince people it will.

There is nothing more powerful in this world than words.

Price was in the tens of dollars in 2016, hundreds in 2019, two thousand now.

Yep, but it also nearly hit 5k before a lot of important changes which is why i think this bear market is particularly difficult for some people to handle.

Fingers crossed sentiment changes soon and price readjusts according to that theory. I'm bullish it will.

Indeed. The way I see it is spot price = fundamental value * volatile factor. Fundamental value went up with technical progress + reduced risk (no major bug, more regulatory clarity). Volatile factor includes sentiment (hype/doom), global liquidity, ...