JPMorgan analysts are skeptical about whether Ethereum's recent surge in activity (primarily driven by the December Fusaka upgrade last year) can be sustained. This upgrade increased data capacity, immediately lowered transaction fees, and boosted transaction volume. However, the bank pointed out that past upgrades have failed to deliver lasting growth, due to ongoing competition from layer 2 networks like Base and Arbitrum, as well as competitors like Solana. Funds dispersed across various application-specific chains and declining fee revenue are seen as ongoing challenges for Ethereum.