Although Ethereum has underperformed year-to-date, Coinbase analysis suggests ETH will perform well in the latter half of 2024. There’s a 30-40% chance of potential approval for an ETH SPOT ETF and a high possibility of a successful lawsuit if rejected. Ethereum has strengthened its long-term positioning due to its unique advantages, such as a strong developer ecosystem and utility in DeFi. Additionally, Ethereum benefits from the narratives of “store of value” and “technology token,” which positions it for an upside later in 2024.