Ethereum Trapped Below $2,400: Why Altcoin Correlation Is Crushing ETH Price Discovery

Ethereum has stalled below $2,400 for three consecutive months, underperforming the broader cryptocurrency market by 10 percentage points. A 0.85 altcoin correlation is preventing individual price discovery, while on-chain metrics show a 49% decline in DApp revenue and a structural shift of fee-generating activity to competing blockchains like Solana.