Ethereum (ETH) is increasingly viewed as a store of value for institutions, with its worth driven more by institutional adoption and monetary premium than on-chain activity or technology. The future of Ethereum's value is influenced by the degree of institutional adoption and its competition with Bitcoin. Technologically, Ethereum remains highly successful, with many promising new chains and applications based on the Ethereum Virtual Machine (EVM). It boasts the best development tools, the largest developer and audit ecosystem, and strong network effects, though there is room for improvement in user and developer experience. Overall, while these aspects may thrive independently, they are trending towards separation.