Recently, Ethereum's performance has indeed been worth paying attention to. From a fundamental perspective, the development of the staking ecosystem has become quite mature—approximately 48% of circulating ETH has been locked in staking, which amounts to over $256 billion. Even more interesting is that the validator exit queue is currently zero, indicating that participants are generally optimistic about the future trend, and a large amount of ETH is still waiting in line to enter staking.

The performance of the ETH ETF this week has also boosted market confidence. Institutional funds continue to flow in net, which is not a huge surprise, but at least it shows that professional investors are still fairly positive about Ethereum. Coupled with strong technical indicators, the MACD is clearly in an upward trend, and the price has stabilized above the main moving averages, suggesting a relatively strong bullish sentiment.

However, risks are also present. Global tariff policies may tighten, which could introduce uncertainty to the entire risk asset market. As a highly sensitive asset, the crypto market is unlikely to remain unaffected. Additionally, in the past 24 hours, Ethereum's stablecoin net outflow reached $200 million, contrasting with other public chains attracting funds, which is an interesting detail worth noting.

Another point is that Ethereum's co-founder has recently emphasized a long-term vision, aiming to address certain 'regressions' in decentralization. This reflects the project's consideration of the ecosystem's development direction and also hints that there is still a road to go in terms of technical improvements. Overall, the short-term technical outlook is relatively strong, but macro uncertainties and shifts in capital flows warrant close monitoring.