The outlook for Ethereum (ETH) in 2025 presents both opportunities and challenges. **Technological innovations** such as the Pectra upgrade will enhance network speed and staking efficiency, while the full implementation of Ethereum 2.0 (PoS mechanism, Layer 2 scaling) is expected to improve scalability and attract institutional funds. On the **market-driven** side, the ongoing growth of real-world asset tokenization (RWA), DeFi, and NFTs may drive demand, and accelerated institutional adoption (e.g., approval of spot ETFs) could boost prices. However, **competitive pressure** is intensifying (e.g., Solana's advantages in speed and fees) and regulatory uncertainty remains a risk. **Price predictions** vary significantly; in an optimistic scenario, it may break through $8000, but if the macroeconomy weakens or technological upgrades are delayed, it could fall back to the $1500-2000 range. Overall, Ethereum remains a core force in the crypto space due to its ecological advantages and technological iterations, but caution is needed regarding market volatility and external risks.