Recently, the price of Ethereum (ETH) fell to around $3400, attracting market attention. However, some analysts have pointed out that this may be an undervalued "structural mismatch" opportunity, rather than a true decline in value.

From multiple key indicators, the fundamentals of Ethereum remain strong. First, its daily average Gas fees (on-chain revenue) have stayed above $12 million. Second, Ethereum ranks first among all public chains in terms of developer activity, demonstrating a strong ecosystem vitality. Moreover, the total value locked (TVL) has returned to over $900 million, firmly maintaining its leading position among layer one main chains.

If Ethereum is viewed as a "digital infrastructure", its value assessment should be more based on long-term factors such as usage rate, locked amount, and network effects, rather than short-term price fluctuations. From this perspective, the current price of 3400 USD may just be a temporary discount, rather than a true decline in value.

It is worth noting that the cryptocurrency market has always been highly volatile, and investors should carefully consider risk factors when making decisions. Nevertheless, as the leader of smart contract platforms, Ethereum's long-term development prospects are still worth following.

With the continuous expansion of the Ethereum ecosystem and the ongoing technological upgrades, new breakthroughs may be on the horizon. For investors who are optimistic about the long-term value of Ethereum, the current price levels may present a good entry opportunity. However, it is also important to remain vigilant, as uncertainties in the cryptocurrency market still exist, and investments should be made cautiously.