Ethereum 2.0 upgrade progress affects ETH price. As the upgrade progresses, staking rewards change. Initially, staking rewards were around 4.5%, but as the number of validators approaches 1 million, they are expected to drop to 1.5 - 2%. However, the upgrade also reduces inflation from 4.5% to 0.5% annually. EIP - 4844's rollup optimization, which reduces L2 fees by 100x, increases ETH's utility. Historically, 2 million ETH staked in 2024 correlated with a 50% price gain, and the full transition of Ethereum 2.0 could further boost ETH's price due to increased scarcity and utility.