Despite recent gains pushing Ethereum near $4,900, experts are sounding the alarm about its long-term sustainability. Institutional investment, while boosting prices, is raising questions about hidden structural weaknesses. A limited impact of recent upgrades on price performance further fuels these concerns. 10x Research’s Markus Thielen cautions that Ethereum’s current rally, driven by institutional inflows, might obscure underlying market risks. While substantial gains have spurred interest from corporations and hedge funds, analysts are skeptical about the long-term sustainability. His analysis suggests that only a fraction of Ethereum’s network upgrades have positively impacted price performance. 19 upgrades have been implemented, yet only two have shown significant positive effects. This has raised concerns regarding whether the current bullish trend can be sustained in the long term and whether it will face a market downturn in the coming years.