New cryptocurrency projects using smart contract technology pose moderate competitive pressure on Ethereum. While they may attract niche investors, Ethereum’s established ecosystem, developer base, and DeFi dominance provide a 护城河 (moat). To maintain price advantage, Ethereum can innovate through upgrades like Ethereum 2.0 (reducing fees/scaling), fostering layer 2 solutions, and enhancing security. Continuous development of DeFi, NFTs, and enterprise use cases also strengthens its utility and demand, mitigating direct price competition from newcomers.