Ethereum (ETH) has demonstrated strong price performance recently, reaching $2,920.94 on November 8, 2024, indicating high market confidence in its future development.

Ethereum's recent technical upgrades are one of the main factors driving the rise in ETH prices. Ethereum co-founder Vitalik Buterin outlined the specific goals and implementation roadmap of the 'The Surge' phase in the latest development roadmap. This phase aims to enhance Ethereum's scalability, with a target of achieving over 100,000 transactions per second (TPS) at both L1 and L2 layers, while strengthening interoperability with L2.

Additionally, the introduction of EIP-4844 (Proto-Danksharding) reduces the on-chain cost of submitting transaction information from Layer 2 by changing the data storage method from the original calldata to blobs, further improving network efficiency.

These technical upgrades not only enhance the performance of the Ethereum network but also provide a more solid foundation for applications such as decentralized finance (DeFi) and non-fungible tokens (NFTs). As the Ethereum ecosystem continues to expand, the demand for ETH is expected to increase further, with significant potential for price growth.

In summary, the recent technical upgrades and development of the Ethereum ecosystem provide strong support for the rise in ETH prices. With increasing market confidence in Ethereum, the future price trend of ETH is generally optimistic.