The recent rise of ETH has been very strong. Especially the MEME coins on the Ethereum chain have been emerging one after another and have performed well. With the continuous rise in the price of ETH and the rise of ETH-based MEME coins, will the market sentiment gradually become optimistic? Are we brewing a big market? We wait and see.

The strong trend behind Ethereum: technological upgrades plus ecological demand
In March 2024, Ethereum underwent the Dencun upgrade, which significantly reduced L2 Transaction Cost and had a huge impact on the entire ecosystem. The upcoming Pectra upgrade is highly anticipated.

According to the official news of Ethereum, Pectra is scheduled to be launched in the fourth quarter of 2024 or the first quarter of 2025. This upgrade will make regular Ethereum accounts more programmable, L2 more affordable, Smart Contracts more efficient, and validators more flexible to manage. This will attract more TradFi capital into Ethereum and drive its value to rise rapidly.

JPMorgan also predicted that the performance of Ethereum (ETH) in 2024 will surpass Bitcoin (BTC), believing that the upcoming upgrade is the key driver for the rise of Ethereum. The smooth progress of Ethereum 2.0 provides the entire network with higher scalability and energy efficiency. The introduction of the staking mechanism and the implementation of the EIP-1559 upgrade have also reduced market selling pressure to some extent, increasing the scarcity of ETH.

The strong demand for Decentralized Finance and Non-fungible Token ecosystems is equally important. Most Decentralized Finance and Non-fungible Token applications on the Ethereum network still have a strong demand for ETH, driving its pump. Especially against the backdrop of Ethereum as the underlying network, many emerging projects rely on its security and ecosystem maturity. #币圈观察员