$ETH above $2K. Again. At almost $2400 now. Can this hold? Or is this just another relief bounce before gravity hits again? Let me break it down for you; What’s changed? - Pectra upgrade went live → Better scalability, cheaper gas, and new staking mechanics. - 10% jump in active addresses post-upgrade not nothing. - Sentiment is sitting at “Greed” and not euphoric yet, which is interesting. - Zero ETF inflows this week and yet ETH’s holding. So… on surface, ETH feels stable. But let’s ask a better question: Is $2K now fair value for Ethereum or is it a temporary ceiling in disguise? Argument for ETH stability above $2K - Pectra matters more than the market realizes…. Cheaper blobs, smart accounts (EIP-7702), and cleaner UX for devs = potential Layer 2 flywheel. If gas fees stay down and onboarding improves, ETH becomes easier to stick with not just build on. - Restaking is opening up yield primitives…$EIGEN makes ETH not just collateral, but productive collateral. If restaking scales responsibly, ETH could see reflexive demand like LSTs in 2021. - ETH is battle-tested… In a cycle where trust matters (post-FTX, post-Bridge hacks), ETH still offers the most credible ecosystem for real use cases. Bearish angle: - Solana’s climbing with real retail momentum. Faster, smoother, and now culturally relevant with memecoins and NFTs. ETH still feels “techie” while SOL just works. That matters when onboarding the next 10M users. - ETFs aren’t supporting price yet. ETHA, Fidelity, Bitwise flows are flat. Meanwhile, ETHE continues to bleed. That’s institutional positioning you can’t ignore. - L2 Fragmentation is a bottleneck. We’re scaling horizontally, but UX is scattered. New users don’t want to choose between Base, Arbitrum, Optimism, Blast, Scroll. They want Ethereum not a choose-your-own-adventure game. So… does ETH hold $2K? Imo: Yes, unless two things break at the same time: 1) Macro flips risk-off hard (10Y yields climbing, liquidity tightens), 2) ETH fails to bring in sticky usage post-upgrade (i.e., devs don’t build, retail doesn’t care). If either stays intact, $2K becomes a floor with narrative support. But if both fail, we test the $1,700–$1,800 zone again especially if BTC dominance rises during volatility. What should you think about rn is; - Is ETH just undervalued rn, or is it structurally being outcompeted by faster chains? - Will restaking and blobspace become ETH’s new alpha or another narrative with low retention? - Can ETH thrive without ETF flows and institutions, or is it still tethered to TradFi cycles? But one thing’s clear: This time, ETH’s price isn’t moving because of hype. It’s moving because the architecture is evolving. And if that evolution sticks, ETH at $2K might look cheap in hindsight.