Recently, the cryptocurrency market has surged across the board, with Ethereum (ETH) performing particularly well, experiencing a daily increase of over 20%, breaking through $2300. This wave of increase is mainly driven by multiple factors:

1. **Positive Policy**: The Trump administration has reached a tariff agreement with the UK, easing market risk aversion, while multiple states in the U.S. are advancing Bitcoin reserve legislation, enhancing institutional confidence.

2. **Interest Rate Cut Expectations**: The Federal Reserve has signaled a looser monetary policy, and the market anticipates possible interest rate cuts within the year, driving funds into the crypto market.

3. **Technical Upgrades**: Ethereum has completed the Pectra upgrade, optimizing Layer 2 performance, reducing Gas fees, and boosting market confidence.

4. **Institutional Accumulation**: Asset management giants like BlackRock continue to increase their positions in Bitcoin ETFs, leading to an overall increase in market liquidity.

Although there is a risk of overheating and a potential correction in the short term, the continuous inflow of institutional funds and regulatory improvements may support the medium to long-term trend of ETH.