Short-term support levels to watch are $1754 (20-day moving average) and $1600 (psychological level); if these are breached, it may trigger large-scale liquidations. Resistance is at $1920, and a breakthrough could challenge $2000 or higher. The RSI (58.02) shows moderate momentum, but the Bollinger Band volatility (BPI 140.12) suggests that the market may enter a consolidation phase. Recent price increases have occurred alongside declining trading volume, presenting a risk of 'upward movement without volume,' warranting caution for a potential pullback.

The Pectra upgrade (May 7) is an important positive development, as the validator staking cap has been raised to 2048 ETH, which may attract institutional funds and reduce selling pressure. However, if the upgrade does not meet expectations, it could trigger short-term selling. On the regulatory front, the UK's FCA plans to ban crypto loans, which may impact the DeFi ecosystem, while the EU's MiCA regulatory transition period is approaching, necessitating attention to compliance risks. Institutional funds continue to flow into Bitcoin ETFs (net inflow of $39.56 billion), while Ethereum ETFs only see $2.49 billion, which limits the upward potential for ETH.