The future of Ethereum (#以太坊的未来 ) depends on its ability to achieve breakthroughs in three dimensions: technology, ecology, and regulation. The Pectra upgrade and the RISC-V proposal are key turning points; if successful, they will solidify its position as a 'smart contract platform'; if failed, it may be replaced by chains such as Solana and Polygon. For investors, it is essential to pay attention to the progress of technology implementation, changes in regulatory policies, and fluctuations in market sentiment, seeking a balance between long-term potential and short-term risks.