In my opinion, ethereum market value is low mainly because many people are now using Bitcoin directly in all there crypto currency transaction because even Bitcoin transaction fee is now low as compared to when bitcoin transaction fee was high in 2017 and that of ethereum transaction fee was low. I believe this was why many people were converting Bitcoin to ethereum for there crypto currency transaction as at then in the 2017 that led to the increase in the value of ethereum.
IEOs projects are not actual now, and this is one of the reasons why Ethereum lost a lot. However, it will go up in 2020, when Ethereum 2.0 is launched. Nevertheless, I do not think that we will see ETH for its maximum in 2017, when it was over a thousand. Now, the best price of the altcoin can be 800 USD maximum, and it will happen only when Bitcoin reaches the top prices again.
$ 800? I still think ETH won't even reach $ 300 by the end of 2019. Even if Ethereum 2.0 goes well, I think the market will not have many big investors anymore.
What do you think when Bitcoin Bakkt is still unable to bring attraction to the market? Ethereum 2.0 will be nothing if capital is not poured into the market anymore. If this situation continues, I suspect that the market will soon die.