I just looked back at the ETH price history from 2015 to now and found something quite interesting. Every time Ethereum hits a major peak, there’s a different use case story behind it.

In the first period, around 2015, the ETH price was mainly driven by the ICO wave. Everyone wanted to launch their own tokens, and this pushed Ethereum to its 2017 peak. At that time, ETH’s price skyrocketed because the demand for blockchain technology for ICO projects was high.

Then, in the second phase, around 2020-2021, everything changed again. This time, it wasn’t ICOs anymore, but DeFi and NFTs. People rushed into yield farming, lending protocols, and expensive NFTs. The peak in 2021 clearly reflected this shift. Ethereum was then the backbone of this entire boom.

Now, we are in the third phase. Stablecoin payments and real-world asset tokenization are becoming the main use cases. I see this trend more clearly than ever. Looking at the current ETH price around 2.33K, compared to the all-time high of 4.95K earlier, the market is reshaping what it truly needs from Ethereum.

The interesting part is that each phase of ETH’s price from 2015 to now has its own logic. It’s not just meaningless pump and dump, but there are real needs behind it. Those who follow closely will see this pattern clearly. Ethereum’s future will depend on how these use cases develop.