#美联储回购协议计划 Recent performance of Ethereum has indeed been eye-catching. The price has been rising steadily, with gains among mainstream coins also standing out, and there is more than one driving force behind it.

From a technical perspective, the Pectra upgrade has already gone live, the staking cap has been increased, and account abstraction has been optimized. These improvements have significantly enhanced the network's operational flexibility. On the regulatory front, there is an interesting development — the US SEC has expressed preliminary approval for spot Ethereum ETFs, which many see as a signal indicating a shift towards a more lenient regulatory approach, and institutional investors' appetite has also been piqued. In the market, whale addresses have been positioning early, and the short positions in futures are being squeezed tightly, with liquidations steadily pushing prices higher.

But don't just focus on the optimistic side. The liquidity fragmentation issue of Layer2 solutions has not been fully resolved yet. Moreover, regulatory authorities still maintain a high level of attention on staking services, and signs of easing are not yet visible. Therefore, in the short term, attention should be paid to the follow-up approval process of ETFs, and changes in on-chain whale holdings are also worth monitoring. These two factors will directly influence the market trend. $ETH $BNB $SOL