Looking back at Ethereum's performance in 2025, the market witnessed a fluctuation range from $2300 to $3200, which aligns closely with the technical analysis from the beginning of the year. The advancement of the Fusaka upgrade has indeed provided support for the coin price, reflecting a positive pump from the fundamentals on the market. This suggests that market trends are closely related to the interaction between technological development cycles, policy environments, and liquidity.

Looking ahead to 2026, Ethereum is expected to show a pattern of fluctuating upward movement. According to multi-dimensional analysis, the annual price may fluctuate near the support level of $2600, with upward breakout potential pointing to $5500, and a central price range between $3500 and $4000. The logic chain behind this judgment includes three points: first, the global central bank policy environment is changing, and expectations for liquidity release support risk assets; second, the ecological construction of Ethereum is continuously advancing, with Layer-2 solutions being implemented more rapidly, and the network's value is constantly increasing; third, institutional investors' enthusiasm for allocating to crypto assets is recovering, with Ethereum's appeal as a mainstream asset continuing to exist.

Whether the market can fulfill this expectation depends on several key time points. Around late January, the policy signals from the Federal Reserve will be crucial—if the expectations for easing are strengthened, risk assets will receive significant support. Subsequently, attention should also be paid to the progress of ecological applications, the actual allocation trends of institutional funds, and the impact of macroeconomic data on liquidity expectations. These factors intertwine and will determine the rhythm and height of the cryptocurrency market in 2026.