Not really, ETH is not dead, but it is at a very slow descend for sure, and we need to see foundation finally make some moves to get further. Even proof of stake didn't help it, I assumed it would make ETH the most valuable one, it was even closer to bitcoin before that, so I assumed it would make it higher. But it didn't help at all. The idea was there, instead of people mining and selling, people would be buying and holding, so it sounded like it would do better but it didn't.
In any case, we should be looking at ETH as something that is having some trouble right now, and because of that we shouldn't be really assuming ETH will do good anytime soon. For it to get better, we need to see it cheaper gas fee, and plenty of projects that work under its ecosystem so people would have a reason to buy it.
Anyhow, ETH is already below its ATH of $4.8k per coin. Meanwhile, BTC continues to reach new ATHs as institutional investment companies continue to buy it like crazy. For ETH's demand to increase, developers need to come up with something new that would "blow" Solana "out of the water". Until then, expect prices to remain low. Maybe it's a good time to buy more ETH? The decision is yours... In any case, we should be looking at ETH as something that is having some trouble right now, and because of that we shouldn't be really assuming ETH will do good anytime soon. For it to get better, we need to see it cheaper gas fee, and plenty of projects that work under its ecosystem so people would have a reason to buy it.
Ethereum's problem can be summed up in two clear obstacles, regardless of what conspiracy theorists promote.
First, the centralization of decision-making within Ethereum, whose founder remains the CEO, who personally approves every project, especially regarding development stages and periodic updates necessary to keep pace with the changing market.
Second, the high competition in today's market, in which Ethereum is no longer the sole player. Today, networks like Solana, Tron, and TON are capable of eliminating Ethereum from the scene if its performance continues to decline.