The recent trend of Ethereum, to be honest, is quite something.

Climbing from 2840 to 2990, now directly standing at 3070, each step is solid. It's not the kind of inflated rise that falls back, but a support level built with real money.

Why has the market suddenly become so favorable? Several key factors are worth noting:

**Liquidity expectations are warming up**
The probability of a rate cut in December has been bet by institutions at 86%. What does this mean? The dollar faucet is loosening, and funds need to find a place to go. The stock market, bond market, and crypto market—money always has to flow to some corner, and assets of the size of ETH are naturally a receiving pool.

**Historical Patterns of Upgrade Cycles**
Looking back at the previous K-lines, it is clear that ETH has experienced significant increases before and after several major upgrades:
• The Byzantine upgrade in 2017 saw the price rise from 300 dollars to 1400.
• The Berlin upgrade in 2021 started at 1600 and peaked at 4371.
• 2024 Cancun upgrade, 2000 directly doubles to 4000

On December 3rd, another upgrade has landed. Will it be another market catalyst? At least the historical data is there.

**Subtle changes at the policy level**
The next candidate for the Federal Reserve chair is basically locked in as Kevin Hassett, who has consistently advocated for aggressive interest rate cuts and maintaining an accommodative stance. If he really takes office, the benefits for risk assets are self-evident. Policy expectations often reflect in prices earlier than the policies themselves.

**Funds have already been sensed in advance**
The market always runs ahead of the news. By the time everyone is discussing "ETH has skyrocketed", smart money has already completed its positioning. At this point, it is neither a high nor a low, but at least it is still in the first half of the story.

Of course, all analysis is not a call to action. The market is always full of variables, but from the perspective of data and logical chains, there is indeed some solid support behind the recent trend of ETH. As for how to operate, it depends on each person's own risk preference and position management.