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Ethereum (ETH), as the second largest cryptocurrency, is under significant attention for its future development. Various institutions present significant discrepancies in their price predictions for 2025: Finder predicts ETH could reach $5,824, while Standard Chartered has drastically revised its forecast from $10,000 down to $4,000 due to Layer 2 solutions diverting value from the mainnet. On the technical side, the Ethereum 2.0 proof of stake (PoS) upgrade has improved transaction efficiency and reduced energy consumption, while plans to integrate AI agents aim to expand the utility of decentralized applications (dApps). However, Layer 2 scaling solutions (like Base) have alleviated congestion on the mainnet but have also led to revenue outflows and liquidity fragmentation, weakening ETH's economic value. Additionally, Solana's high-frequency trading advantages and the rise of Bitcoin DeFi (with total value locked surging by 1,700%) also pose competitive pressure on Ethereum. In terms of regulation, if U.S. policies become clearer or encourage institutional participation, the current downward trend in the ETH/BTC trading pair, ETF capital outflows, and low on-chain activity reflect a lack of short-term market confidence. A comprehensive analysis indicates that the future of ETH depends on the effectiveness of technological upgrades, Layer 2 ecosystem integration, regulatory progress, and the ability to respond to competition, with both long-term potential and risks present.