An analyst has raised concerns about Ethereum's current valuation, citing slowing growth and high multiples as key issues. Despite a record surge in active users and transactions, the growth rates lag behind those of leading e-commerce platforms. The analyst notes that Ethereum's monthly fees and average transaction fees have drastically declined, indicating that growth has come at the expense of service pricing. The analysis highlights Ethereum's price-to-fee and price-to-sales ratios, which far exceed those of conventional cloud service companies, raising questions about its valuation. Additionally, the lack of native applications with strong product-market fit and an oversupply of block space contribute to weak growth in the public blockchain sector. The analyst remains skeptical of claims positioning Ethereum as the "Wall Street of the blockchain," citing a lack of supporting data and evidence.