Yeah he is dead. Most likely he is coming by flashback&thoughts or visions by Vecna.

I don't think anyone ever questioned that he was dead....the question was always would he (somehow) come back. Billy was dead, and yet he came back in season 4.

I think he’ll come back in many flashbacks but the character himself will stay dead

THE ONLY WAY, the character Eddie can come back, will be as a cameo, if, S5 has time-travel. Like the party goes back in time and saves all(farewell and stuff) and the universe resets to 1983 with Will not going missing.

Fastforward to 1986-1990, we see all characters living a happily and Eddie comes as a cameo playing DnD and Mike says "Stranger Things have happened" and get a deja vu moments or a connection from an alternative timeline.

Thought it is not recommended, Timetravel will have some effect in S5.

One/Few series has done it before. (Will not name it to avoid spoilers).

@PresidentSmith609 eddie could also come back in a flashback

Well it’s sad Eddie is gone but he was a great character

@BobNewby78 I know, no need to repeat it. I literally wrote few comments earlier. Also its like an alternative theory.

@PresidentSmith609 well you said the ONLY WAY was as a cameo so I’m saying that that’s not really true bc it’s quite possible he comes back in flashbacks.

@BobNewby78 I meant 'as a character', not a vision or flashback. You have seen my earlier comments made in months. I always say the Eddie can comeback in S5 as vision or flashbacks. This post is for people who want him back as a character.

@PresidentSmith609 okay