The Ethereum price dropped shortly after crossing 2K, and now it doesn't seem to be able to retest the 2K level very soon.

Value Depends on Bitcoin

When Ethereum crossed 2K after the Shanghai upgrade, many analysts declared that Ethereum would now overtake Bitcoin as well. But nothing like this happened. The value of bitcoin fell to $27,000 in the market, and behind it, the value of ethereum also fell to the $1.8k level in the market. Now the value of ethereum is recovering along with the value of bitcoin.

Lack of Maxi

Ethereum doesn't have a maximalist influence. Bitcoin has many influential maximalists; they are owners of large companies (e.g., Michael Sellar of MicroStrategy) or big political figures (e.g., Nayib Bukele of El Salvador). There are even Memecoin maximalists, such as Dogecoin fan Elon Musk. Ethereum lags behind in this regard.

Smart Contracts Hold the Ground

Ethereum is of great importance due to smart contracts; many projects made in the name of the Ethereum killer have fallen in front of it. Ethereum is unique in its own right, but the potential for bitcoin to go beyond that is very marketable. Still, Ethereum is at the forefront of the world of altcoins.