#美联储回购协议计划 Ethereum's recent trend is quite interesting—dropping from the high of $4,946 in August last year to $2,991 at the end of November. It looks fierce, but a closer look shows there is actually quite a bit of support.

Institutions are quite active. The US SEC approved spot Ethereum ETFs from nine firms, with major players like BlackRock taking the lead. Currently, ETF holdings have reached 6.2 million ETH, accounting for 5% of the total supply. The digital asset treasury has also been busy, adding a total of 4.8 million ETH this year, becoming a stable demand source. From a technical perspective, the Pectra upgrade has officially launched, with the staking cap raised to 2,048 ETH, and block capacity increased by 50%, clearly improving network performance.

But there are also many issues. The liquidity fragmentation problem of Layer 2 solutions still hasn't been fundamentally solved. Competitors like Solana are grabbing market share from L1, and Ethereum's transaction fee share has been squeezed down to 17%. The proportion of short-term holders is rising, which will definitely increase volatility. Moving forward, the two most important points to watch are—how ETF funds will flow, and how effective the Pectra upgrade's ecosystem implementation will be. These two factors will basically determine the trend in the coming months. $ETH $BNB $XRP