As a professional with a technical background, I am confused about the current market positioning of Ethereum (ETH). Unlike Bitcoin (BTC), ETH does not have a fixed supply cap and lacks a halving mechanism to control inflation. Although the London Hard Fork introduced a burning mechanism, the overall supply of ETH is still increasing.

At the same time, we see competitors like Solana, Aptos, and TRON continuously emerging, bringing more choices to the market. The most notable issue with ETH is its high Gas fees, which are the highest among all public chains.

Indeed, as a pioneer, ETH has certain advantages and should enjoy a premium. However, the current price seems to have exceeded a reasonable range. From a developer's perspective, if I were to build a decentralized application (DApp), ETH would certainly not be my platform of choice.

Considering these factors, I personally believe that a reasonable price for ETH should be around 3000 USD. This price can reflect the value of its technological innovation and ecosystem, while not overly suppressing the enthusiasm of developers and users.

However, market pricing is often influenced by multiple factors and is not solely dependent on technical indicators. Investor sentiment, macroeconomic environment, regulatory policies, etc., can all have a significant impact on cryptocurrency prices. Therefore, when assessing the value of ETH, we need to comprehensively consider these complex factors and cannot simply draw conclusions from a technical perspective.

In the future, whether ETH can solve the high Gas fee problem and how it can maintain a leading position in an increasingly competitive market will be key factors determining its long-term value. As industry participants, we should closely monitor the technological development and ecosystem construction of ETH, rather than simply following market speculation.