Ethereum has recently experienced a 20% surge following the Pectra upgrade, with prices surpassing $2,200 and open interest contracts increasing by 21%, indicating a recovery in market sentiment. Analysts believe that historical data shows May is typically the best performing month for ETH, combined with whale accumulation (up 22% since March) and positive effects from the upgrade, a short-term rebound may continue. However, outflows from spot ETFs (with a net outflow of $16.1 million over three consecutive days) and ongoing macroeconomic uncertainties remain concerns. If it holds above the $2,400 resistance level, it may further challenge $2,500; if it falls below the $2,000 support level, a pullback to the $1,800 range may occur.