Short-term support levels to watch are $1754 (20-day moving average) and $1600 (psychological level); if broken, it may trigger large-scale liquidations. Resistance is at $1920, and a breakout may challenge $2000 and above. RSI (58.02) shows moderate momentum, but Bollinger Band volatility (BPI 140.12) suggests the market may enter a consolidation phase. Recent price increase but declining trading volume presents a risk of 'rise without volume', caution is needed for a pullback.

The Pectra upgrade (May 7) is an important positive, with the validator staking cap raised to 2048 ETH, which may attract institutional funds and reduce selling pressure. However, if the upgrade does not meet expectations, it may trigger short-term selling. In terms of regulation, the UK's FCA plans to ban crypto loans, which may impact the DeFi ecosystem, while the EU's MiCA regulation 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, with fund diversion limiting ETH's upward potential.