The first study of factors affecting Ethereum perception and momentum found that psychology plays an equally important role as any other role.
The results of “Project Mirror,” which dives deep into the perception of Ethereum commissioned by optimism and espresso, were shared Monday by the Ethereum Foundation (EF).
We3.co researchers Valeria Salazar and Jill Gunter have discovered that their perception and psychology drive as much momentum as their technical and fundamental influences.
They found that Ethereum is known for its technical excellence, but lacks narrative clarity, active market involvement and builder support.
The qualitative interviews included 60 people from the Ethereum ecosystem and the broader crypto community that ran from March to June 2025.
The researchers traded between $1,600 and $2,500 at the bare market level, reaching its three-year low in April, so they sought a snapshot of how the community saw Ethereum in the meantime.
The goal was to “understand how different audiences view Ethereum, identify challenges and strengths, and reflect them in the ecosystem so that they could learn from them,” EF said.
Five core tensions
This study identified five core issues that influenced Ethereum perception. Many of these were related to the so-called Ethereum story and how the Ethereum Foundation publicly communicated.
“Without price momentum and simple stories, Ethereum’s sophisticated vision feels brilliant but unreadable,” the researcher said, adding that the identity crisis will be revealed as the role of Layer-1 is unknown given that Layer-2 captures users and activities.
Related: The Ethereum Foundation forms an AI research team to blend blockchains.
Although the researchers did not propose a solution, they proposed to begin discussions on how Ethereum’s leadership can be redefineed or how the ecosystem can measure success beyond the price of ETH.
These include support for developers and builders, how to lead confidently without sacrificing neutrality, and how to convey a clear and compelling vision without wandering into the technology.
Price remains a major factor in the story
Even if Ethereum is shipped on a long-term roadmap, “Flat prices for Eth send another message,” the researchers found.
“In the code, prices are a story, and flatlines are interpreted as stagnant.”
The new ecosystem surged tokens will gain momentum, generate momentum, attract capital, talent and attention, they said before reaching a conclusion.
“Ethereum’s basics may be healthy, but without price movement, its strength will disappear into the background.”
Momentum has recently changed, with Ether (ETH) reaching a new all-time high of $4,950 on August 24th, so some of those negative perceptions could have improved.
magazine: ETH co-founders will move $6 million ETH.