#数字资产生态回暖 Ethereum has come under downward pressure over the past 24 hours, with a decline of 1.86%, and short-term technical indicators show signs of weakness. However, from a macro perspective, both support and risk factors warrant attention.

On the institutional side, interest is increasing. The launch of the iShares Staked Ethereum ETF by BlackRock and ongoing accumulation by other major institutions reflect growing recognition of ETH among traditional capital. These new financial products are expected to attract more funds into the space. Meanwhile, Layer 2 scaling solutions in the Ethereum ecosystem are adopting zero-knowledge proof technology, making breakthroughs in privacy protection and transaction efficiency, paving the way for practical applications such as stablecoin payments.

Positive macro factors should not be overlooked either. The Federal Reserve's easing expectations and bond purchase plans are injecting liquidity into the market, typically boosting risk asset valuations.

However, risks are also present. Exchange leverage positions are at all-time highs, and large Ethereum holders' long positions face significant forced liquidation pressures. The spot market also shows signs of weakness — spot trading volume on major exchanges has fallen 28%, and stablecoin inflows have halved, indicating shrinking market participation. Technical indicators are also rapidly turning bearish: the RSI has plummeted from 74.62 to 37.98 within hours, with buying momentum significantly waning, and the market has entered oversold territory.

Overall, ETH faces a tug-of-war between short-term technical pressures and long-term fundamental support. Caution is advised in recent trading, with close attention to changes in spot volume.