Ethereum Buy Debate Rages at $2,320 After 33% Drop, Rivals, Upgrade Hopes

Ethereum trades steadily near $2,320 after plunging 33% over six months, with analysts split on its buy worthiness versus faster rivals like Solana despite 53% DeFi TVL dominance and $166B stablecoin liquidity. The narrative opened May 3 with ETH claiming 65% of $38.6B tokenization market and $16.7B RWAs, but price stalled below $2,400 amid 53% DEX volume drop, 49% DApp revenue decline, and $630M April hacks. A May 9 rally on Base's $13B TVL, 87% memecoin surge, and $12B AgentFi faded with ongoing exploits like Kelp DAO's $290M, sustaining ETF support at $11.6B volume ahead of mid-2026 Glamsterdam upgrade.