According to a new report from asset management company Grayscale Investments, the recent price performance of Ethereum reflects the market's expectation for the upcoming Dencun upgrade next month. In addition to the potential for the upcoming Dencun upgrade and the approval of a spot Ethereum ETF, the Grayscale report points out "net tightening supply" and "network revenue" as other optimistic reasons. The report states that Ethereum can become more competitive to attract more smart contract business. Analysts wrote, "If Ethereum can become more competitive in throughput and cost, it can position itself for smart contract applications that require high-level security and anti-censorship, such as stablecoins or tokenized financial assets."