#数字资产生态回暖 Over the past week, Ethereum has shown obvious short-term weakness. $ETH has fallen 5.8% in the past 24 hours, sliding from $3382.54 to $3191.96, and market bearish sentiment is indeed fermenting.

However, looking deeper, the story is not that simple. The Fusaka upgrade improved network scalability and validation efficiency, with a significant increase in data throughput. The capacity expansion of Layer 2 solutions has given developers more room for innovation. The technical aspect is progressing, and this is tangible.

What’s more interesting is the action from institutions. BlackRock recently filed for a staking ETF (ETHB fund), planning to allocate major funds to staking. This indicates that traditional financial giants are starting to take Ethereum’s ecosystem seriously, and the previous "only BTC" stance is gradually loosening. Regulatory attitudes are also shifting— the US Office of the Comptroller of the Currency has allowed nationwide banks to conduct risk-free principal transactions in cryptocurrencies, which is positive for market liquidity and acceptance.

But risks definitely exist. The Bollinger Bands have broken below the lower band, indicating increased volatility. The negative divergence in the MACD histogram is accumulating, signaling a bearish trend. More concerning is that a whale address used 7x leverage to long 11,543 ETH, with a forced liquidation price at $2907.6— if the price drops sharply, this position could face significant risk.

Community opinions on the future direction are also divided. Some see the Federal Reserve’s rate cut as a bullish signal for cryptocurrencies, but others worry about a "buy the rumor, sell the fact" scenario, leading to a retracement. This divergence itself shows that the market is still digesting various variables, and the short-term direction is unclear. Overall, $ETH is currently in an upward cycle driven by technological iteration and institutional recognition, but short-term downward pressure and position risks should be watched closely.