From the perspective of levels and market dynamics, ETH has already broken its historical high in 2025 (reaching 4954 USD in August), but the current price has retraced to 3534 USD. Core support includes: Technical breakthroughs: The EIP-4844+ upgrade reduces Layer 2 Transaction Cost, and the Fusaka Hard Fork is scheduled to go live in December, increasing block data capacity by 8 times. Institutional accumulation: ETF net inflows exceed 10 billion USD, and institutions like BitMin hold 2.8% of the total supply. Deflationary mechanism: The staking volume has reached 33.8 million (accounting for 27.57%), with the annual burn rate consistently exceeding the issuance volume. In the short term, it needs to break through the key resistance level of 3660 USD (with potential liquidation triggering above 1.5 billion flat positions), and in the long term, if the Federal Reserve's interest rate cut cycle continues, it is expected to target 8000 USD. Market sentiment is polarized, with whales increasing their positions against the trend, showing long-term confidence.