Ethereum is facing a key moment with the upcoming Pectra update, which aims to enhance scalability and security, consolidating its technical foundation. However, external pressures — such as market volatility, competition from agile networks (Solana, Cardano), and regulatory uncertainties — challenge its valuation. Sustainable recovery will require not only the effective implementation of improvements but also greater institutional adoption, support for decentralized applications (DeFi, NFTs), and resilience to macroeconomic crises. The current scenario encapsulates the cryptocurrency dilemma: disruptive innovation versus cyclical instability. The future of ETH will depend on balancing technological advances with solid economic strategies while navigating an increasingly fragmented and competitive ecosystem.
