Ethereum has been grappling with a value capture problem as Layer 2 solutions such as Arbitrum and Optimism redirect transaction fees away from its mainnet. Despite this, Ethereum's recent price recovery has led to emerging bullish narratives. These include its strong position in the stablecoin market, increasing use of ETH as a corporate treasury asset, and the advancement of a Layer-1 zkEVM roadmap aimed at improving scalability and decentralization.