Does Avalanche compete with Ethereum?

I'm curious, does Avalanche really compete with Ethereum in the cryptocurrency space? I've heard Avalanche touted as a fast and scalable blockchain platform, but Ethereum remains the gold standard for many developers and users. Could you elaborate on how these two platforms differ and why Avalanche might pose a challenge to Ethereum's dominance? I'm particularly interested in understanding their respective advantages and disadvantages, as well as any potential areas where Avalanche might excel over Ethereum.