Are there any major upgrades in Ethereum technology? No.

Is the on-chain ecosystem particularly prosperous? No.

Did the GAS fees soar and start a major deflation? Even less so.

But it still rose. Why? Because the cryptocurrency market really has little to do with the fundamentals, the core is three points: capital flow, consensus, and macro easing. As long as these three come your way, it's hard not to rise.

Here's a cold joke:

Everyone likes to look at the long-short ratio, right?

Ethereum skyrocketed, and the long-short ratio is still ridiculously high;

When it falls, it's high; when it rises, it's also high.

The more people watch, the easier it is to go in the opposite direction.