Today (April 18) is Good Friday, and mainstream financial markets worldwide (such as European and American stock markets, and some cryptocurrency exchanges) are closed. Market liquidity is expected to be low, which may lead to a decrease in ETH trading activity and narrower price fluctuations. Historical experience shows that during market closures, insufficient capital participation can lead to narrow fluctuations or follow the overnight trends of external markets, and caution should be exercised regarding unusual volatility triggered by sudden news.

From the recent market dynamics, Bitcoin has entered a period of adjustment after breaking through 100,000, and as a mainstream cryptocurrency, ETH's trend is strongly correlated with Bitcoin. If Bitcoin can hold the key support level at 85,000, ETH is expected to warm up and challenge the 2,000 mark; conversely, if Bitcoin falls back, ETH may test the support around 1,380.

- In the long term, the core positive factors for ETH in 2025 include network upgrades (such as the Pectra upgrade to improve verification efficiency, and EIP-7702 to optimize wallet experience), institutional capital inflows (expectations for ETH ETFs), and the expansion of the DeFi ecosystem. However, in the short term, it needs to digest macroeconomic uncertainties (such as U.S. tariff policies and Federal Reserve interest rate trends).

Fundamentals and Market Sentiment

Supply Side: After the ETH merge, it transitioned to a PoS mechanism, significantly reducing the annual inflation rate and increasing scarcity, which supports the price in the long term.

Demand Side: The continuous development of DeFi, NFTs, and on-chain applications maintains stable demand for ETH as ecosystem fuel. However, current market preferences for risk assets are influenced by geopolitical factors (such as trade wars), and caution should be exercised regarding the risk of capital withdrawal.