Will the Ethereum 2.0 upgrade spark a new surge in ETH prices? The transition to Proof-of-Stake, completed with The Merge in 2022, slashed energy use by 99.95% and reduced issuance, potentially tightening supply. Enhanced scalability from upgrades like Shanghai and Dencun, boosting transactions to 100,000 per second, could drive adoption and demand. Historically, upgrades like Constantinople showed negligible short-term price impact but fueled long-term gains. However, with 31.4% of ETH staked by mid-2023, liquidity concerns and declining DeFi activity might cap growth. Market sentiment, macroeconomic factors, and competition from rivals like Cardano also weigh in. While some predict ETH hitting $10,000-$20,000 due to scarcity, others see stagnation if utility falters. The upgrade sets a strong foundation, but a price rally hinges on broader ecosystem dynamics.